Anything is possible, but I'm pretty sure the overwhelming input that achieves a win at these sort of events is a select group of judges aka "critics" who decide based on their own experiences.
Actually this award was particularly created for the fans to solely decide. There will be no official judges or expert critics for this specific award except the fans themselves. This idea was originally being floated as Most Popular Film category years ago. But it wasn't implemented for certain reasons. So in lieu of that, this was the one implemented. But this Fan-Favorite Film is not a formal Oscars award category.
If this award actually goes to a film in a way that is without cheating and fake votes, it seems brilliant. There are indeed films that have captured the audience so much yet snubbed by the Academy. As written on the article I linked in the OP, movies like
Spider-Man: No Way Home was a big hit and yet it only received a single nomination. That's almost none at all. If not with that single nomination, the cast would have no reason to go into the prestigious ceremony.
Anyway, I have seen odds on Oscars but I haven't yet seen one on this particular award. Probably because, as others have clearly thought, this is prone to abuse.