The original format sees contestants pitched unique products by convincing entrepreneurs – some of whom are showcasing real business ventures, while the others are "Snake Oil Salesmen" whose products are fake.

Contestants, with the help of guest celebrity advisors, must determine which products are real and which are a sham, for a chance to win life-changing money.

In each round, contestants choose a pair of entrepreneurs and learn about their unique, and often bizarre, products through visuals, a custom-made infomercial exclusively produced for Snake Oil, and by quizzing the business representative themselves. With the help of their celebrity advisors, the contestants must then decide who is selling an authentic product and who is hawking a sham.

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Snake Oil