6 Things You Should Never Do When Placing Entertainment Bets
Published on April 03, 2018
For some reason when people think of online betting, they immediately think of table games or sports betting. While online poker and betting on sports probably do take the cake in the gambling scene, overall, it’s far from the whole story.
There’s also entertainment betting, which carves out a smaller piece of the pie, but actually can give way to serious profit. This is more of a nuanced genre, however, and when done right, betting on huge entertainment events, shows and pop culture can be rather rewarding.
The problem with entertainment betting is people don’t tend to take it very seriously. Sometimes they think certain things are predetermined; there’s no way in knowing what will happen or that the odds aren’t going to be in their favor.
All of these things can be true to an extent, but there are also ways to use the negatives in entertainment to your advantage. More importantly, however, you’re going to want to avoid common pitfalls that will bring you down before you ever really have a chance to make any money.
There are several to note, but I have six specific things you should avoid when preparing to bet on entertainment wagers:
Above all else, you don’t want to forget that this is, indeed, gambling.
You never want to approach entertainment betting like it’s just some big game. It can feel odd when you’re wagering on who will win Dancing with the Stars or who might get eliminated next in Big Brother, but this is still your cash you’re throwing down.
You still need to approach this as if you’re probably going to lose the money you’re putting down and that there is risk involved.
The second you lose sight of the bet on hand, you can get reckless with your bets and your eye is no longer on the prize. Any type of betting should have your complete focus with the hope to convert said bet for a big win, or string together several bets for small but consistent profit.
Anytime your hard-earned cash is on the line, it’s important to take it seriously. It’s not that you’re just wasting your money, but by not really caring, you’re shrugging off potential earnings as well.
Entertainment betting is easily sold by the top betting sites because it’s a ton of fun. You can still have fun with it (that certainly is part of it), but what’s more fun than enjoying a weird prop bet about your favorite actor, show or musician? Profiting off of it!
You never want to assume there’s no skill involved with entertainment betting.
Entertainment betting takes skill and research, just like any other form of betting. Beyond not acknowledging that you’re actually risking real money on otherwise silly bets, the next biggest gaffe is not realizing that you probably need to put some work in to nail your bet.
You’re not competing against other people, but you are competing against the books. The top entertainment betting sites usually do two things:
Stop me if that sounds familiar, because whether anyone wants to believe it or not, that’s almost always the reality with all kinds of online betting.
Vegas wants you to feel confident in your bet, so they’re bound to list bets they think will be popular and garner a lot of traction. There’s no point in doing that if they’re going to lose, though, so Vegas also sets the odds in their favor.
Needless to say, if you want to make some coin betting on your favorite shows and events, you need to put the time in to get some type of an edge.
Research is part of your skill requirements, as is basic knowledge from tracking history, trends and the process of whatever entertainment prop you’re wagering on.
You don’t want to blindly assume entertainment betting is restrictive or limited.
The fact is, few entertainment wagers are alike and there are a ton of popular entertainment bets out there.
Some are seasonal, some are one-off concepts and some are based on what other people are going to do, what they decide or how they perform.
The point here is that you can take on all kinds of entertainment wagers but how you bet can change depending on the situation.
The list is long, but here are a few popular entertainment betting opportunities you’ll come across:
Again, the list can go on and on and some of these are quite layered.
The Walking Dead and Game of Thrones are two extremely popular shows that have offered a litany of prop bets. Other hit shows like Stranger Things have been pulled into the betting world as well. Some wagers deal with character death odds, plotlines or various predictions.
Some sites will also offer odds for which actor will star in future films, who will win certain categories in award shows and how celebrities will act in regards to marriage, pregnancy and various aspects of their lives.
There is even an entertainment aspect to many sporting events, with Super Bowl props probably taking the cake in this department. Add in live contests like the Miss Universe Pageant, and it certainly feels like the options are endless.
Overall, entertainment betting is actually quite diverse and rather vast. Bettors need to find a way to keep up with the changes, while finding time to conduct enough research so the bets they target can actually pan out.
That being said, if you aren’t aware of the many opportunities and how to exploit them, you’re going to miss out on a lot of money.
One of the bigger mistakes with entertainment betting is getting too excited about staggering odds assigned to various celebrities, TV characters or props.
Who doesn’t love a longshot that pays off? I know I do, but the reality is it doesn’t pan out as often as some may think.
It’s kind of like going into The Masters and throwing all of your money on the very last guy in the field with +150000 odds.
Too many silly reaches like that, and you’ll quickly be tapped or going down the dark road of reckless gambling.
This is why every single wager you look at should be treated independently, both with how you bet and how you incorporate your knowledge and research. This doesn’t mean you can’t go after the bets with steep odds, but knowing the situation is key.
For instance, Vegas is listing the odds like this because they have a pretty good idea of how they think things will work out.
The Academy Awards are a great example. If there are six actors up for the coveted Best Actor award, there are usually 1-3 options with a realistic shot; one is the clear favorite and then there’s everyone else.
There can be upsets, but they’re pretty rare and if there is an upset, the odds are decent that it comes from that top trio of choices.
The Oscars are a great event to target heavy favorites or drop down to the second option with the next best odds. Targeting longshots at this event is ill-advised and it’s really just a quick way to lose a bunch of cash usually.
The reason chasing the high dollar bets can be a mistake is because for The Oscars specifically, this is the last big Hollywood award show after a ton have already been decided.
For the most part, everyone knows who has dominated these previous award shows, while there are pretty reliable whispers about who will win at the biggest acting award show of them all.
This can be similar for betting on TV show deaths or storyline props. Usually the path has been set up for certain things to happen. The trick is to figure out when the path looks a bit too clean and when you just need to eat the chalk (bet on the favorite).
Once you get this process down, you’ll be well on your way to dominating the entertainment betting scene.
It’s weird how every successive “no-no” in online betting feels more important than the one before it. However, assuming every entertainment betting site carries the same wagers and same odds is a mistake – a big one.
It’s one thing to avoid the key mistakes and do all of the right things. However, if you’re not maximizing your betting value, you’re simply not doing all you can to profit on a regular basis.
Hunting for value is crucial for sustaining success in all betting and that absolutely applies to the entertainment genre as well.
As discussed, The Oscars often are predictable with the top favorites taking home the awards, so if you’re putting money down on a favorite with little return, it’s important to make sure you’re getting as much cash back for that bet as possible.
For instance, if Daniel Day-Lewis is predicted to win Best Actor and holds the best odds at Bovada (say, -500), you could throw down your bet, win and walk away.
However, if BetOnline gives him -450 odds, GTbets gives him -400 odds and MyBookie.ag hands him -325 odds, where do you think you should be putting your money down?
In this case, My Bookie may not necessarily be your go-to site for betting purposes, but for a bet you love, you may want to consider an alternative site to maximize value.
The story is the same with your betting options in general. Perhaps you really want to bet on the latest Game of Thrones specials, but you go to your favorite website’s props section and there aren’t any there or the options are limited.
Some may stop there, but the more entertainment betting sites you are a member at, the more options you have. There might be some sites with zero props, a few that share the same handful and a few others that have a boatload that nobody else does.
Don’t put a restriction on when, where and how you can bet. The more outs you have in terms of the number of sites you can safely bet on, the more enhanced your betting options and value will be.
While locating that awesome bet and the best value is something to strive for, keeping yourself (and your money) safe is pretty important too.
It can be tough to turn away from some of the riskier betting sites. They seem to be rather good about luring people in, after all.
They’ll boast awesome bonuses and promotions, competitive odds, a litany of attractive wagers and versatile deposit options.
I know I said to avoid being so restrictive when it comes to your betting reach and value, but there is a limit for everything. That’s certainly the case when you start branching out from reliable betting sites and take chances at places nobody should bet at.
Stick to the safe and reliable sites and try to maximize the options and value there the best you can. It can be tough, but straying to unknown sites with poor reviews isn’t worth getting an attractive wager.
After all, that fun prop bet is only fun if you can actually get your cash once you convert it.
Betting on entertainment events and props is fun and can be very rewarding. However, it needs to be treated like real gambling and if you want to win, you probably should take time to research every single genre/prop you plan on wagering on.
Entertainment betting is versatile and it can be layered, but it’s also often fairly predictable. One of the biggest keys is accepting when it’s obvious and just taking the safe bet instead of on longshot options.
This strategy may not make for very big wins, but it should help you convert wins more consistently. In addition, picking your spots and targeting high dollar options is also something to learn as you go, depending on the event or prop at hand.
You always want to take time to research and fully understand anything you’re betting on and that’s no different when betting on your favorite TV shows, actors and musicians.
There is always going to be some evidence to work off of and if you uncover enough of it, you can either secure an already safe bet or uncover value: others (including Vegas) may be missing.
Practicing safe betting while incorporating value and upside is also important. You don’t want to limit yourself too much if you don’t have to, but you also don’t want to take any unnecessary risks.
In the end, entertainment betting is about making money off of fun aspects in the media.
It’ll be even more fun if you can turn those wagers into extra cash. If you’re careful not to quickly dismiss the aforementioned tips, you should have a decent chance of doing just that.