When it comes to classical sports betting there are countless algorithms and the best of analysts to help bookies. However, it is different when it comes to reality tv bets. When we are talking about a horse race or a football match there are countless factors to take into consideration. These can be the players’ previous accomplishments, the weather, or the possibility of upcoming injuries.
Bill Benter was building a computer system that could make him an overall 27% of the profit on horse races. We can say that bookies have easy work today with all the programmed help that is there for them. However, things change when it comes to reality TV bets.
Making bets on the unpredictable
Slots and other casino games are predictable based on probabilities and chances. There is a predefined house edge, then all differ on the certain game’s rule. No big deal, in the long term the casino will surely have some income. It’s a bit similar and a bit more complicated when it comes to sports betting. At sports wagering, they are using statistics, modeling and a lot of sports analysts to come up with odds that are both make people bet and also leave an edge on the house. However, things are totally different when one tries to predict the outcome of Strictly Come Dancing or I’m a Celebrity Get Me Out of Here. In these cases, logic fails as there is no previous knowledge on the subject’s skills or even on the concept of the “game”.
Back to the old-school with reality TV bets
All the above is smooth and nice. However, sports betting is existing almost since sports do, so what were the bookies doing before the complex algorithms? Pretty much what the algorithms are doing but with less computing power. It is a bit similar to reality TV bets. Since there is not so much previous data or matches where you can analyze the players’ ability, bookies have to work with simple factors. If the show is ongoing for several seasons, then they are going to check who was winning previously. Also, they can check the contester’s popularity on social media.
Can reality TV bets compete with classic sports events?
At the moment they can. However, once professional football is back in the game it wouldn’t be comparable. At the same time, the money coming from betting on a popular TV show is still not negligible. The stats are similar when it comes to political betting. While political betting is very similar to novelty, or reality tv betting, here the bookies have a bit more tools to use. If you’d like to take part in interesting political or TV show bets, I suggest you visit the 1xBet Sportsbook, who has the greatest variety of these kinds of bets.
How can bookies take the challenge of reality TV bets?
On the first hand, you could say that if they could do good without the algorithms previously then they still can. Which is partly true. We can say that the lack of technical involvement could be seen as cost reduction. However, making bets on the uncertainty will raise the risk of trading.
It’s another point of view that there are not too many reality TV shows are going on at the same time. Mostly we can assume that bookmakers are ready to keep the balance between protecting their income and at the same time make people bet with favorable odds. At the same time opening up a new market with these risky odds can lead for a temporary financial loss. On the other hand, if the show is popular and there are many new sign ups due to it, on the long term it’s going to turn a profit.
Find the latest online sports betting bonuses to have some extra possibilities once you are getting into reality TV betting.
