The ever-changing industry is now open to some serious bets
In the past few years, we’ve seen a lot of growth in the indie music scene, and this strength means that the very structure of the music industry has changed as well. While in the past, artists from major labels were sure to dominate the charts, the same can no longer be said for certain, and this has introduced a whole new aspect to the music industry: music betting.
You’ve probably played a few games of music betting yourself, and right around the time of awards shows like the Grammys, there are various ballots already circulating. However, music betting is also done is wider circles, with some people actually making money off of them. There are usually two forms of music betting: betting on who will top the charts, and then betting on who the recipients of various awards will be. This comes as no surprise, as in these days, nearly everything has been wagered on, and Betfair shows that even General Elections have seen their own fair share of wagers.
However, betting on awards nights is nothing new, as it is revealed that Johnny Avello, the Director of Race and Sports Operations for the Wynn Las Vegas, has been sending out “for-entertainment-purposes-only” lines for betting on the Grammys for years. “I’ve been doing the Grammys for quite a while. They’re never easy. It seems like there are more opinions on music than there are on movies,” Avello said. “The way I do my odds, I do my research, talk to some music people in the business, and I put all those thoughts together and rank [nominees] from one to five. Then I have to figure out how strong the favorite should be.”
Music betting, as with any other form of entertainment betting, hasn’t gained much of a following because the general idea is that “you can’t bet on something where at least one person already knows the results”, and as The Star has said, awards nights like the Grammys have already becoming formulaic. Thanks to the rise of indie music, however, there are still some upsets. A few years ago, Fueled by Ramen band fun. beat out artists like Kelly Clarkson and Frank Ocean, and with so many indie artists now proving to be mainstream favourites, it’s not unlikely that other awards shows will see a surge of them too. The changes in the indie music industry mean that there are now more chances of upsets in award winners and chart toppers, and this has opened the doors for music betting.