Betting on regular things is a thing now

Yes, betting on regular things is a widespread phenomenon, often referred to as novelty betting, special bets, or proposition (prop) bets. 

This form of wagering extends beyond traditional sports and casino games to include a wide range of everyday events and pop culture moments. It has become a significant part of the online gambling industry, with a number of platforms dedicated to this market. 

Common subjects of novelty betting

Novelty bets cover a broad spectrum of predictable and unpredictable events, including:

• Weather: Wagering on whether it will rain on a specific day or if a weather record will be broken.
• Politics: Betting on the outcomes of elections, policy decisions, or political events. In some places, this is done through specialized platforms called prediction markets.
• Pop culture and entertainment: Wagering on the results of reality TV shows like The Bachelor or Survivor, award ceremonies like the Oscars, or even celebrity gossip and relationship changes.
• Financial and economic events: Placing bets on the rise or fall of specific markets or other economic indicators.
• Competitive eating: For certain high-profile events, like Nathan's Hot Dog Eating Contest, people can bet on the winner.
• Other random events: Some platforms and informal bets involve speculating on things like the name of a celebrity's baby, a future pope, or the discovery of alien life. 

Prediction markets vs. traditional betting

Online platforms that specialize in betting on non-sports events can take different forms.

• Traditional online sportsbooks, like BetUS, offer novelty betting sections alongside their main sports offerings.
• Specialized prediction market platforms, such as Kalshi and Polymarket, allow users to trade contracts based on the outcome of future events. These "event contracts" function more like a financial market than a traditional bet.
• Social betting apps, like WagerLab and Thrillzz, allow friends to place casual bets using a virtual currency for fun and bragging rights, with no real money at stake. 

Regulation and legality

Novelty betting operates in a complex legal landscape.

• Legality varies by jurisdiction. While some offshore bookmakers offer these bets, many countries have regulations limiting legal betting to specific types of events.
• In the United States, real-money online sportsbooks are heavily regulated on a state-by-state basis, and most states do not permit wagering on election outcomes.
• Prediction market platforms like Kalshi have received some regulatory approval from bodies like the Commodity Futures Trading Commission (CFTC) for certain "event contracts," but face pushback in some jurisdictions, particularly regarding sports-related markets. 

Risks and appeal

For both casual players and serious bettors, novelty bets offer a different appeal than traditional gambling.

• Accessibility: Novelty bets can engage people who are not normally interested in sports gambling, drawing them in with bets related to their interests in pop culture or current events.
• Unpredictability: While some bets, like Oscar winners, can involve research, others depend largely on luck and unexpected outcomes, which can increase their risk and excitement.
• Potential gateway: Critics and addiction experts warn that novelty and entertainment props can serve as a gateway to more serious gambling habits for vulnerable individuals.