This is a guest contribution by Tegan Day. If you would like to submit a contribution please contact Bill Beatty for submission details. Thank you.
The novelty bets movement shows no signs of stopping, with all major betting sites now offering their loyal customers a taste of this offbeat gambling phenomenon. Unlike traditional betting, these novelty alternatives give bettors a chance to put some money on outlandish outcomes in any number of places across contemporary culture – and make a tidy profit on an improbable result.
With gamblers across the globe more than acquainted with the concept of risk vs. reward, what is it about novelty betting that’s tempting gamblers to take a chance on these weird and wonderful long shots? And what do betting companies stand to gain from novelty offerings like these?
Pop Culture Factor
Sports betting is the lifeblood of the gambling sector, with millions of committed customers all over the world financially invested in scores, events and performances. No matter how enormous the sporting sphere may be, though, its drawback is that it will never garner wider appeal outside of sporting culture. The beauty of novelty betting is in giving customers the opportunity to make money from popular culture—whether that’s TV, music, politics or whatever else.
Risk vs. Reward
One of the things that separates novelty bets from the rest of the gambling sphere is the lack of variables when compared with things like football matches—where seasoned bettors can predict the likelihood of their desired outcome with some degree of accuracy, thanks to all the variables involved and statistics available.
The outcomes themselves are also infinitely more varied, with open-ended bets beyond the simple “will they/won’t they” format leaving room for a multitude of diverse and unusual results. What this means for betting companies is that these bets have mass appeal without by any means being easy wins.
Bettors are nothing if not risk takers, and the novelty bets phenomenon capitalizes on the excitement of a strategic shot in the dark. With popular novelty bets including royal baby names, soap plotlines and celebrity-award winners—the fun in gambling on popular culture doesn’t come from making a calculated guess, but rather taking a chance on a hunch.
Take a look at the infographic below for some of the latest, greatest novelty bets and some insight into the odds of these offbeat outcomes.