This Sunday, Chance The Rapper will travel from Chicago to Los Angeles to attend the 59th annual GRAMMY Awards ceremony at the Staples Center, where he is nominated for a whopping seven awards.

According to Sports Insight, an online betting market that provides live odds, Chance is the current favorite to take home a GRAMMY for Best New Artist at -200, and Bovada has him -225.

For those of you who don't gamble and are unfamiliar with the numbers listed next to each artist, a -200 means that, for someone to win $1 on Chance winning Best New Artist, they must wager $2.00. Since he is the clear favorite, the odds are stacked against the better and for the house (the casino taking the bet).

On the flipside, if fellow Booth favorite Anderson .Paak, who is a +650, were to beat the odds and win Best New Artist, you could collect $6.50 on a $1 bet.

It's important to note that, while Chance is far from a "new" artist as far as hip-hop fans are concerned, the GRAMMYs did give Maroon 5 the award in 2005, even though their debut album, Songs About Jane, was released three years prior. 

Should Chance take home the gilded gramophone for Best New Artist, it will come a mere 1,794 days after he made his first Booth appearance—"Family" featuring Vic Mensa and Sulaiman—in March 2012.