Sports are watched by fans and professionals and surprisingly, by plenty of punters. Punters browse the internet, finding the best ways to bet online, as well as the best odds that they can get. They are also not afraid of using bonus codes to maximize their fun, like this Virgin Bet Bonus code.
Sports like football are popular, but perhaps not the best for betting when it comes to the odds. Indeed, some punters even stay away from sports and bet on other things, like the stock market, or in some cases, even art. Yes, but how does one bet on art and how do the bookmakers go around making art odds and bets?
Here is everything you need to know about betting on the arts, particularly how odds are determined.
How Betting on Art Works in General – A VERY Niche Betting Market
One has to understand that betting on the arts is nowhere close to betting on things like real sports, simply because sports are popular and regular, meaning that there is a lot of data to be collected, making the odds preparation a much easier thing, for both men and computers.
For the arts, things get complicated. How can one judge a piece of art, a painting, a sculpture, music, and deem it to be better?
Yes, we can take a look at the history of art and music and try and make odds, but it is much more difficult especially having in mind the very subjective nature of art. There are no winners there, unlike sports, which have clear winners, one way or another.
There are really only a couple of ways one could bet on art. One is the top list for music. When new tracks are released or about to be, people can bet on whether a song will land in a specific location on the ladder or be in the top 5, for example. The precise location has worse odds, but a better reward.
For the other types of art, auctions can be used as a betting stage, with punters betting on which piece will sell for how much, or rather, over or under a certain number. The latter is more realistic of a bet, because specifics in auctions are hard to guess, with people sometimes “one-upping” another, by adding the minimum amount over their rival.
Working Out the Odds – Mission Impossible
The auctions are easy to estimate if a very decorated piece of art ends up on sale, like something from Van Gogh, particularly an original. On the other hand, an old chandelier from someone’s attic will be difficult to measure in terms of odds unless you literally see people eyeing it.
For music and the top ladders, making the odds is easier due to the many years of top 100 data. But it is still down to what people love and what gets more advertisements and playtime.
Betting on the arts is a very niche type of betting and working out the odds can be a nightmare for the bookies.