In addition to sports, financials, and politics, you can also bet on outcomes in the entertainment industry. Entertainment betting is essentially its own special category of prop bets as prop bets are for making particular predictions regarding players or events within a sports game, but do not concern the actual outcome of the game. Obviously, entertainment betting is not about sporting events but its market has risen in popularity.
While entertainment betting started out as more of a novelty, its market is expanding every year. There may not always be a lot of things to bet on at once but certain entertainment outcomes have generated more action than some sporting events. If you are someone who takes betting seriously, these opportunities should not be scoffed at. The potential for positive expected value in the entertainment industry is real.

Types of Entertainment Bets

Since prop bets are designed to be extremely fun and creative, almost all of them seem inherently funny. Bets are offered on who will win upcoming beauty pageants like Miss USA, Miss America, and Miss Universe. You will see lines on who will win what awards at award shows like the Oscars or the Grammy’s. Some bookmakers may offer lines on worldly awards like who will win the Nobel Prize or what the upcoming weather will be like. You can also bet on what movies will gross the most money at the box office during the year. 
With there being so many reality and fictional TV shows, you can bet on what the ending of a season will be like, or right now on Game of Thrones among other props there is a prop of who will kill Cersei Lannister? There are props on who will be the next American Idol and there are even lines on the day to day drama of celebrities, posing the questions of who will break up with who next, who will get married, etc.
The bets come in the form of moneyline, over/under, and spread betting. Moneyline is the simplest and most popular for those who just want to pick who will win something. The over/under could be for how many rounds you think a celebrity boxing match will last or how many votes you think a singer on American Idol will get. The spread betting can pertain to anything that involves counting up votes. One possibility of that is predicting what margin of victory one competitor will have over another.
You will even see the most unusual of props. Like when Tom Cruise and Katie Holmes were having a baby, there was a bet out there on what would they name the kid.
There is a lot of information and gossip out there that can steer you in any direction, but that leaves the potential to find edges for these bets. If you keep up with TMZ and other entertainment gossip shows, and read magazines and stories online about various celebrities and shows, you could definitely get a sense as to what is most likely to win and what is there just to round out the field. What if you somehow knew what kinds of names Tom Cruise likes? And what if you also knew who wears the pants in the relationship? These are the factors that if you can get your hands on the information can help you make a profitable bet.
When the Oscars are coming, there are almost always a few nominees in each category that have little to no shot at winning because nobody is talking about them. It is unusual to see the nominees getting no attention to walk off with major awards. If say a lesser known actor is nominated for best supporting actor in an early role but is up against a couple superstar celebrities that are perhaps overdue for an Oscar, a situation like that might also help you narrow down your selection.

Limited Selections and Current Action Available

At a given time, the variety on entertainment events to throw money on can be pretty scarce because all the events come and go relatively fast. The baseball season goes on for 7 months but if you wanted to bet on the Oscars, you will not even know who the nominees are until a few weeks before the show.
An example entertainment bet would be the yes or no prop of “Will O.J. Simpson Violate his parole and be returned to a Nevada prison?” If you bet the heavily favorited no, you have to wait a full year of him staying out of trouble before you can collect your win. If you bet that he will violate his parole, you have up to a year for it to happen. With a bet like this, there are obviously only so many ways to possibly quantify what could happen. This is the case with many props and why they are out there in the first place. They are there are for having some excitement over something there are few ways to project.
If one were to actually try and find an edge on a play like this, the wisest thing to do would be to find out what are the terms of his parole. What constitutes a violation? Once you know that, you can try to research how he has lived his life. What he likes to do with his time might help you determine if he is liable to violate his parole. It is also worth knowing what the circumstances of his prison life were like. That if he violates his parole and has to go back inside, will it even be so bad? Would that make it worth sacrificing certain tendencies to avoid being locked up again? As you probably know, when it comes to legal punishment celebrities tend to be treated much differently from ordinary people.
Dealing with a subject as unique as this one, it can also be hard to know how much you can trust the information supplied by whatever sources you come across because you are not dealing with athletes on the field. This is a man living his life in America. There is no first quarter or halftime. It’s just life and you have a limited ability to project what he is going to do but then again, your projections on what to expect from a sports game are also quite limited. That is why even the best sports bettors in the world still do not win even 60% of the time.
Making bets like these are a matter of understanding what a person’s state of mind is like. If they seem stable and want anything but more attention, you might be inclined to bet No. It pays very little but if you feel like there is no way this guy is going to keep getting into trouble then why not? If you have reason to believe they are in a downward self-sabotaging spiral, that might incentivize you to take a shot at Yes.