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@Charco
I worked for Paddy Powers for 2 years, they have a huge team that exist just to do research for the prices. Novelty bets such as big brother & x-factor make them huge money as people tend to bet with emotional investment and not by studying trends & insider information. With bets like snow on Christmas day (which is actually a big one) the prices start short and then vary as new met information comes in, this is being constantly monitored by the equivalent of a news room who constantly striving to be more informed then the punters at large.
With novelty betting the bookies have moved into a whole new demographic of punters, who would never before have set foot inside a bookies & this has been incredibly lucrative.