A WSOSB wouldn't be the right format because of lack of visibility that bettors would have as mentioned in this thread (what can the cameras really do watching a bettor making a decision on what to bet?)
Rather, something like a mix of "Deal or No Deal" (hey, that's pure gambling just like scratching a scratchcard and winning a prize beating the average odds) and also something like we see on the NFL pre-game shows where the commentators discuss their picks and their record is for all to see.
I would think that if someone was serious to make a sports betting TV show, it'd have to be contest show between several known "analysts on TV" type of cappers making wagers with a fake balance of $10,000, playing maximum of xx games per day, and whoever is the highest at end of each week moves on to next round. It could be like a Round of 64 head-to-head format, and when the cappers choose their picks, they provide commentary. Then they show the results of the plays daily over a week's span and eliminating the loser of each matchup. Then people can follow how the winners have been making it through (and how losers just sucked, ha); best if the show try to have this show not taped by at least broadcasting the day before a NFL Sunday (uh, like the HBO's Inside the NFL shows). That way, more people would be interested to see someone's comments about a game that hasn't started.
* CalvinTy