In betting you look for an edge.
The 3 points contest and skills challenge are crap shoots. Picking one player much less two isn't likely to see a profit. Klay has the edge in the 3 point but I'd easily take the field since anyone can get hot or cold in any round.
With the skills any player could get hung up on one part of the game and lose. Both of these are worse than betting a HR derby.
Now the dunk contest is like miss America. Opinionated. Not technically who made the most 3 pointers or fast time, but the one with highest voting score. Gordon was thought to have won last year. He has experience on his side and I bet wants the title this year. -200 but I will be betting 2 units.
All star game MVP. This is a crapshoot. But you get good value since a player with a story with slightly worse stats could get selected. Like the year Kobe was retiring. I think the odds were long but what if he played like his last game with Utah. Taking all the shots, end up with 40 and 10. Even if a LeBron or Durant got 44, I'd say Kobe would get the votes. My selection here goes with the home town guy. Davis +500 For one unit. He can dominate at times and if his stats are high he'll get an edge over the other west stars And being more likable.