I sent him the Betfair odds. Here's what he says:
There are some long shots that are worth a bet:
Supporting Actress: Melissa McCarthy at 85:1 -- Sure, it was an honor just to be nominated, but if there's going to be an upset in this category, it's likely to be her. I'd say there's a 10% chance of this happening, so there's the overlay.
Costume Design: I really don't think Hugo will win this. This one tends to go to period costume dramas. It's been 8 years since it went for a movie that was in the Best Picture discussion. It doesn't usually matter if the movie is even considered "good." Jane Eyre is the safest bet, but Anonymous is a pretty interesting long shot.
Sound Editing: this goes to a big, loud, big budget movie. I like Transformers in this category which has the longest odds.
Original Screenplay: Woody Allen should win this award, but people in the academy don't necessarily care for him because he never shows up. This makes this category have some value in A Separation. A shoe-in for Best Foreign Language Film, I like it at 11:1. Another good long shot is Bridesmaids again at 40:1. Some people might want to make a statement here by voting for the "women write comedy" choice.
The short odds sure things this year are Original Song for Man or Muppet, A Separation for Foreign Language Film, and Rango for Animated Feature. Any other movie winning either of these categories would be a big surprise.
Analysis on shorts coming after I actually see them next week.