Novelty Betting: Should You Implement on Your Sportsbook?
Sports betting is a very lucrative, but limited market, for gaming affiliates. After all, most casual sports fans don’t feel like they’ve got the time or knowledge to handicap games on a regular basis. But those same folks may feel very strongly about their ability to predict the outcome of a national political election, or the winner of American Idol. That’s where novelty betting comes into the picture.
Novelty betting can be defined as any non-sports-related wager taken at a sports betting window. It’s very common in the United Kingdom where online bookmakers like Ladbrokes and Paddy Power offer hundreds of them online.
How Novelty Bets Work
Novelty bets are nearly identical to the proposition bets that are so popular in the United States around Super Bowl time. Bettors are generally placing an odds bet that pays off when the event ends.
The nice thing about novelty bets is that even people who aren’t sports fans can participate and feel like they’ve got a good shot at winning.
After all, who doesn’t have a strong opinion on the outcome of national elections, or whether or not it’s going to be a white Christmas? Novelty bets can definitely open up entirely new markets to established sports betting affiliates.
Event Focused Marketing
Novelty betting also gives gaming affilates a chance to market their services outside of the gaming world to take advantage of the hype around popular events like the Academy Awards and X Factor.
Affiliates can market novelty bets on entertainment forums and other sites where sports betting posts are rare or non-existant. Not only that, but creating content that generates excitement around events like Big Brother or the Grammys is pretty simple.
Upcoming Novelty Bet Events
The nice thing about novelty betting events is that there’s plenty of time to prepare for them. Here are just a few of the events gaming affiliates might want to add to their calendars to take advantage of this market:
- American Idol Finale – Wednesday, May 23
- Eurovision Song Contest – Europe’s most popular reality competiton, semi-finals May 22 and 24; finals May 26.
- American Politics – Political junkies can take it up a notch by betting on American presidential primaries, and national election on Tuesday, November 6.
- These are just a fraction of the novelty bets available; and most sites that offer novelties offer hundreds of them.
Not in Nevada
You may be wondering why you don’t see novelty betting much in Las Vegas? It’s partially because the Nevada Gaming Commission doesn’t allow bets on events that have already taken place, such as reality shows. They’re also very reluctant to approve bets on events they think could be easily manipulated, such as elections and beauty contests.
What do you think of novelty betting? Is it a good deal for sports book affiliates or does it just create clutter and confusion? Let us know in our General Discussion Forum.