With the Rocky line closed and looking like a winner (although some shares/wagers are still available on TradeSports and Matchbook), I've been looking more into Night at the Museum. Like I haven't done enough research and writing already, right?
Here are the details.
For Museum, which headlines Ben Stiller and appeals to families, kids, and all demos, the Ben Stiller comps all scream Over. To go Under, this movie would have to underperform them (and by a significant amount, inflation-adjusted), even at a line of $31 million. Yes, it's a different type of movie than Stiller's standard, and it's slightly different demos, but I think that means that it does better, not worse.
This could even be Stiller's Bruce Almighty (the mainstream movie that appealed to all, not just Jim Carrey fans, and way outperformed Carrey's already lofty track record by gathering an insane $68 million) or his Talladega Nights (with $47 million, same thing for Will Ferrell). Those two movies were enormously huge, so I'm not even going to compare them with a detailed breakdown, I'm just saying that the same factors and circumstances are there.
Those 2 comedic actors were coming into their prime and headlining their brands of comedy for $30 million movies, and then when they appealed to a wider demographic, not just teens/young adults and their particular fans, the movies reached massive breakout success in the high $40's and $60's. Even though their regular fans might not think it's a completely good fit, or too "nice" or young-skewing. Look at Bruce Almighty - generic concept, no crazy Carrey hijinks, just a mainstream comedy that also appeals to families, with a moral message at the end.
At worst case imo, this is his Click - Adam Sandler's family comedy that did more moderately, because it looked absolutely awful to his normal fans although more appealing to families. And yet Click still hit $40 million, and tracked with or outperformed his regular blockbuster movies.
So I see huge upside here, and not much downside, as even with the downside, it could still easily go Over the $31 line imo. It's only b/c Pinny started the line so low (and that's only b/c they screwed up last weekend) that it looks high now. As said several times in this thread, $29 should have been the starting point, with the line getting bumped several times to $33 being a fair line imo. At the mid-way point of $31, there is still significant value, and it could hit $33 by Friday morning imo.
Furthermore for Museum, by the marketing, even if you look at the downside, it's not a bomb that teens and young adults are not going to want to see. It's just that older 20's singles will be a little less high on it. But any of them with family may end up seeing it anyway, it's not like they're opposed, just not enthused. At least by WOM among people I know. As an older 20's male, I didn't see any Museum marketing - at all - until this week. Everywhere else on the Net had been reporting huge marketing for the past several weeks, presumably to families, so hitting teens and below, as well as hitting mid-30's and up. But missing the 20's. Well, as of this week, it's hitting hard. I have seen a *ton* of Museum marketing, and so have people I know. Females in my age range are particularly interested.
And compared to most Stiller movies, the demos outside of his normal range are waaay more attractive. Huge hit with kids and families, and therefore review-proof. Doesn't even matter if it gets bad reviews (although it's fine, at 50% RT, 100% users, 50 MC, 9.4 users). Fan ratings show that it's doing really well with audiences.
It should also be a huge hit with seniors, with Robin Williams featured, as well as legends Dick Van Dyke and Mickey Rooney. Seniors even went to see Robin Williams in freaking R.V. and Man of the Year, which outperformed expectations. Moms plus kids plus seniors are what drives the holiday family box office - I mean, you need something that the whole family can watch together - are the 20 year olds going to talk back to their moms and have the family see some violent thing like Apocalypto when they have a 10 year old sister and a 70 year old grandma? So young guys and dads will go see Rocky on their own, but when the family goes to see a movie, it will be Night at the Museum. The whole entire family, even those that are only mildly interested. Cha-ching!
As a minor addition, there are other cameos getting airtime like Owen Wilson, plus character actors in Ricky Gervais (Office), Carla Gugino, Brad Garrett, Steve Coogan, etc. are all additional draws. There really is something for everyone in this movie. And the stars have hit the entire talk show circuit (Conan, Leno, Letterman, cable shows, etc.) and marketing rounds, so the WOM is out there.
Also, there have been no big holiday movies, this year, not a single big hit. This is it. The box office is screaming for something. Even if this year settled for Happy Feet as the biggest holiday film, that's a huge disappointment compared to the past 5 years. And Museum can do 30% less than Happy Feet and still go Over. And reports called for Museum to be the giant Christmas blockbuster of the season.
Plus, you have the opposite of the Rocky effect. For Rocky, every online bettor wants it to do well and hit the Over. The demo is young sports males, I mean what better demo to hit the Over on a sportsbook?
Night at the Museum has the complete opposite effect going on, which means that it's undervalued. It's families, kids, seniors, females, and only males last, although it's fine and amenable to them. So you have the worst correlation of demos to bettors. So the line rising has only been due to the total mispricing imo by Pinny.
In fact, that's what's constraining the Over right now, the young male bettors who see this movie and go "meh". Rocky went up and up and up, but Museum is hitting a cap, b/c of online bettors not seeing the widespread appeal of this movie. You can even see that in this thread, that just about everyone and their mother are on Rocky, while there is occasional resistance to the Over play on Museum. That's because they just don't get the appeal.
So, even more than Rocky, which was also underpriced, Night at the Museum is severely undervalued imo, and the Over has good value until $33. Just like I added to an already good Rocky position, I am adding to an already good Museum position, even at current lines.
Because there is more time until opening, I could see there perhaps being more line bumps in store for Museum over the next couple days, again creating strong arb/middle opportunities.