Seemingly an untapped market for years, betting on outcomes of awards shows and even elections has seen massive increases in popularity. Moreover, bettors can be drawn to these bets because no bettor will never turn down +EV bets. For those that are unfamiliar, +EV refers to a “positive effected value” implying profit over time.
There are plenty of positive value opportunities when betting on the Oscars and the election that show this could be a profitable space. For instance, Parasite won Best Director (Bong Joon-ho) +250 and Best Picture +200 last year.
Award shows, entertainment, and the elections are all massive markets with loads of potential. Whether it is betting on a TV show or who will win a hotly contested election, if people think they can accurately predict it, there will be odds. The question with non-sporting events, though, is: how big can each market become, and are sportsbooks able to offer a selection that satisfies the market?
Will The US Ever Legalize Election Betting?
Awards shows are not the only market in the entertainment industry that has gained steam in the betting market. The election between Donald Trump and Joe Biden featured incredible odds swings and the opportunity to win big. Over the span of six hours, Joe Biden had a 27% chance to win before surging to victory. The catch? Election betting isn’t legal in the states. It is, however, allowed in certain international markets.
The amount of money that was bet on the election was huge in 2020. According to Betfair’s 2020 election betting report, they took over $500 million dollars in bets. This is more than double what they took during the 2016 election. Betfair is partnered directly with FanDuel and Flutter Entertainment and is one of the largest gambling companies in the world. In the US, FanDuel endured a tumultuous few weeks when it launched with election markets “with Lottery approval.” The approval was quickly rescinded and FanDuel had to pull election bets from its platform.
The issue of legalization is going to be an interesting one to watch as the 2024 election gets closer. DraftKings Sportsbook tested the interest level of betting on the election with the free 2020 Presidential Election Pool. The results appeared to be phenomenal as DraftKings received over 350,000 entries. DraftKings will absolutely look for legalization in the near future.
Unfortunately, it appears unlikely that this field will be legalized anytime soon. The issue of betting on a massive elected position like the president could create all types of issues. This is a topic worth watching as sportsbooks gain power and leverage in the business world.
How To Bet On The Oscars
Currently, New Jersey and Indiana are the only states that allow betting on the Oscars. The Oscars are upcoming and have been one of the most bet on awards shows in the United States. The 2021 Oscars will take place on April 25. Previously, the Oscars would take place in February, but this year’s event has been delayed two months due to the Covid-19 pandemic.
New Jersey legalized betting on awards shows in 2019, and nearly every sportsbook jumped in on the opportunity. Furthermore, there are 18 states that have sports betting legalized, so there is plenty of room for this market to grow.
We even saw sportsbooks attempting to take bets on who would take the throne at the end of the Game of Thrones series. This could be something to look at as the markets continue to grow in a variety of states.
At this time, the market is limited. However, there are plenty of states that will look to gain access to entertainment level betting in the near future. Sportsbooks will always be eager to expand their markets. It appears that this will be the tip of the iceberg for bettors and fans alike.
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