I believe Twitter has made improvements compared to what they were few years back, so this may not be such a bad idea for Oscars. Twitter is now more keen to unusual and extensive activities detection made from the accounts, and is much thorough when it comes to verification and such. But as per the peace of mind and assurance for the bettors, I think it would be wiser to observe for a while and after some time they could place bets if and only if they are really decided.
But will there be sportsbooks that will include the betting line for this twitter results? As of right now, only the usual categories (Best Actor, Best Director, etc) are included in the line-up, but haven't seen yet for the Fan-Favorite Film via Twitter money betting line. So we will see in the coming weeks if they will include this category. Bookies may possibly check first the twitter pulse before they publish the candidates for this poll.