Betting markets in (almost) everything

Spelling bees:

Will the winner be wearing glasses? Will it be a boy or girl? Will the final word have an "e" in it?

The odds on the former proposition are 4-7, but they won’t let you bet on the individual identities of the little demon tykes. 

In addition, here are some unusual insurance markets.

Addendum: The contest was decided by German words, here are the results.