Placing money for betting has evolved beyond sports events or tournaments the past few years. The imagination of bettors has grown to non-sports events that generated huge interest for their market to place money on, and sportsbooks simply took advantage that it has established a strong market separate from the traditional sports tournaments.
This is what Novelty Bets are all about. Sports bettors may have wanted diversion from the wear and tear of betting on long sports events or tournaments so they tried something new and different that eventually drew a strong following and prompted bookmakers to create betting avenues for them.
Let’s now dive into what bookies look into creating these Novelty Bets. From political to entertainment topics, these kinds of bets may be something punters place money for fun, but they can still get a big payday if they focus and prepare for it in the long run.
LUCK NOT ENOUGH TO WIN NOVELTY BETS
A bet on an outcome that is not sports-related is described as a Novelty bet in sports betting circles. The non-sports topics range from politics, TV shows, movies, award shows, and other random odds and ends.
The concept of Novelty betting may be something bettors place money on for fun. But there’s a career for those who focus on these non-sporting bets and make money on it once bettors get the hang of it.
Sports betting may still continue to command a bigger market share in several countries, but novelty bets offer a fresh perspective that generates lots of interest from people where they must figure it out to win beyond just luck to collect that big payroll.
READING CURRENT EVENTS, ENTERTAINMENT SITES HELPS
If sports bettors tore over lots of statistics and data from simulations offered by bookmakers to major sports websites like ESPN, CBS Sports and Fox Sports, novelty bettors need to brush up on their current events and entertainment news if they want to become successful in this field.
The US presidential elections consistently draws thousands of bettors dating back to the time of Ronald Reagan to George W Bush to Bill CLinton, Barack Obama, Donald Trump up to current leader Joe Biden. Other political events, crazy as it may be, are also being placed money on, like whether Trump would be assassinated during his term at the White House.
For those who go for the glitz and glamor of Hollywood, the major awards season continues to lure them over in placing their bets, particularly the Academy Awards, as well as on the Emmys and even the Grammy Awards. The gender of a celebrity couple or by a royal couple is also an event for bettors to place money on.
BETTORS ON EQUAL GROUND WITH BOOKIES
Unlike in sports betting where bookmakers create electronic simulations on teams involved in major events or tournaments to help guide punters on picking their bets, there’s no solid basis for bookies to determine clear winners for novelty bets.
Picking Trump back then over Hilllary Clinton to win in the White House could not be determined through calculated probabilities and odds usually seen in sports events. Picking Best Picture winners in the Oscars may sound easy, but not all results have been expected on several occasions.
This is where a bettor can outsmart a bookmaker. Punters who know their US politics or entertainment news may have figured out that Trump would pull off an upset of sorts back then, or if Eminem would win his first Oscar in the Best Original Song category where the Academy was initially not too keen on hip-hop and rap music.
BOOKIES MAKE ROOM FOR NOVELTY BETS
What started as betting for fun has evolved through the years, something sportsbooks have recognized and prompted them to expand their platforms by placing novelty bets among its features.
While not all bookmakers have offered novelty bets features on their websites, the list has grown consistently.
From Paddy Power to William Hill to bet365 and Boylesports, these bookies have recognized the growing market for novelty bets that generates money for them and lures over more people who might be convinced of trying out their sports betting features in the long run.
FAMOUS SHOWS BEST BET FOR BOOKMAKERS
The growth of reality TV shows the past decade is something the bookies looked for and eventually convinced them to create Novelty bets for them.
Take a look at “The X Factor” created by British host Simon Cowell, who himself evolved from a judge at “American Idol” to build his brainchild that generated diverse winners who lured thousands of fans the past few years.
Punters predicting the winner from “The X Factor” to “Strictly Come Dancing” to dance-offs like “I’m a Celebrity….Get me out of here” to “Dancing on Ice” have generated a huge following from fans in several countries who eventually fancy betting on their favorite bets to win.
GOSSIP BETTING, NEWSPAPER TALK ALSO A HIT
Call it a crazy type of betting, but there is a market for these non-sports events and bookmakers have accepted this fact a long time ago. And there are no signs interest will wane in the future.
Imagine bettors predicting the name of the royal baby, or from a celebrity couple like “Brangelina,” and bookmakers earn extra income from these bets.
And then there are newspaper topics that lure the public’s interest, like “Will there be a white Christmas?” Somehow, people are taking the bet and placing their money on these events.
LOOK FOR ESTABLISHED MARKETS FOR NOVELTY BETS
Some bookmakers have been creative; they have already placed their top novelty betting markets to guide punters on events they can earn extra money on the side.
The US presidential and UK general election emerge as top political novelty bets, while the Oscars, “Britain’;s Got Talent,” “Emmys,” “MasterChef” and “Big Brother” come out among entertainment bets.
The concept of Novelty Bets may be to provide fun and diversion for punters while getting a chance to earn an extra payroll on the side. But bettors are still advised to be smart in placing their money on these bets to ensure that their payroll won’t take a hit in balancing their bets with their usual sports events in the long term.