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Betting on Nobel Prize winners




A general view of a gambling sign outside Binion's Gambling Hall & Hotel on Fremont Street July 19, 2011 in Las Vegas, Nevada.
A general view of a gambling sign outside Binion's Gambling Hall & Hotel on Fremont Street July 19, 2011 in Las Vegas, Nevada.
Ethan Miller/Getty Images

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This week the Nobel Prize for Literature will be awarded, but for weeks, economists, gamblers and laymen have laid their money on the line in hopes they can guess the tomorrow's winner.

We look into the world of Nobel betting: how it works, what it cost and, most importantly, who wins and loses?