Prop Bets

This is a fascinating and versatile type of bet. Instead of wagering the outcome of a game as a win-or-lose situation, the bettor bets on events happening (or not happening) throughout a match. Due to this unique touch, these types of wagers are known as 'prop' or 'proposition' bets.

In short, these types of wagers can deal with who will score the first goal in a football match or if there will be a penalty at some point in the game. Thus prop bets can take many forms, and there are even bets on how long the National Anthem will be when sung live at the Super Bowl.

What is a Prop Bet?

With this sort of bet, the bettor is wagering on an event that does not directly affect the game's outcome. Nearly anything can make up this form of a wager. For example, a player can take chances on who scores the first touch, the coin toss, and the total passing yards by a quarterback. Therefore, they are bets on events in and around a game.

It is a fantastic way to add a little fun to a game without making a bet too complex. Unlike moneyline, point spread, and total bets, they are not dependent on who is the best team.

A bettor either can wager on an event occurring in connection with a player, a 'player prop,' or an event happening concerning a game or a 'game prop bet.' These bets have relatively low limits, so until recently, sportsbooks haven't offered that many of them. However, they have become increasingly popular over the years, and numerous props can be provided for events like the Super Bowl.

These bets are mainly suited to games with the ability to count something. Therefore, sports like hockey and football, where there are a lot of stats, lend themselves best to these bets.

Example: Prop Bets Explained

Today, there are so many things a bettor can wager on. For example, players can bet on something as simple as the coin toss at the beginning of a game. Examples of player prop betting would be to bet on Kevin Durant over or under 6.5 assists, Gerrit Cole over or under five strikeouts, or Tom Brady over or under 270 passing yards.

Game props can also include which team will score first, who will get 10 points first, or who will score in the first 10 minutes. These sorts of bets will not yield a high payout because they have low limits. Instead, they can make the games more exciting and give bettors something different to wager on. They are an excellent way for bettors to get involved without making large bets. Therefore, this type of bet is ideal for casual bettors.

How to place a prop bet

Placing this type of bet is straightforward. One thing to remember is that sportsbooks often do not list the bets until the day of the event.

The first step is to log in to a sportsbook offering prop bets. Next, the bettor should navigate to the event they are interested in and check the odds to see the return on a win. When the bettor clicks on their bet, it will be added to the bet slip. Go to the bet slip and click on 'submit.' The bet has now been placed; the only thing left is to see if it produces a win.

Understanding How Prop Bets Work

This type of bet has become very popular in recent years. This popularity is because the sportsbooks realized that bettors enjoyed them, so they started offering more chances in this area. Examples would be the game props we discussed previously and the third class of props called exotic or novelty.

Let's look at the coin toss bet. This is not a bet on an event occurring within the game; it takes place before the game starts, a common characteristic of an exotic wager. The coin toss is an excellent example of how a sportsbook balances the odds on these bets. It is almost guaranteed that the coin toss odds will open at something like heads -110 and tails -110. There is a 50/50 chance of the coin landing on either heads or tails. However, as the betting proceeds, the odds may favor heads or tails.

The sportsbook might see bettors favor either heads or tails and drag the line to encourage wagers in the other direction. Therefore, the odds at the betting end could differ significantly from the -110 starting point. These bets can easily add excitement to a game without a high wager.

There are also some strategies that bettors can employ to make props work in their favor. By betting on multiple props, bettors can increase their chances of winning. Therefore, one of the significant benefits of these sorts of bets is that bettors can spread their risk across many wagers, which means they have more chances to win without risking too much money.

Which Sports are Best for Prop Bets

These types of bets work best in sports, where there are things that can be counted. For instance, in football, a whole host of events can be quantified, and the number of touchdowns and receptions, receiving yards, and passing yards are perfect illustrations for prop bets during the game.

Basketball is another sport that lends itself to these bets. It provides a wealth of betting options, as the players have many moves to make. Bettors can wager on assists, points, rebounds, double-doubles, etc. These two sports capture prop bet meaning. When we look at other sports, there are fewer features to bet on.

In hockey, for example, bets mostly center on whether a goal will be scored and the number of goals. The same is true of soccer, and baseball's chances are focused on who will hit a home run and pitcher strikeout totals.

Why are prop bets sometimes canceled?

There are a variety of reasons for bets to be canceled. Sometimes games themselves are canceled, so all wagers are off. The sportsbook will drop those prop bets placed on a player who does not participate in the game.

Another reason for cancelation is if a game is postponed. In these circumstances, the sportsbook should void the bet and return the money to the bettor. However, reading the terms and conditions is essential, as not all sportsbooks handle these things similarly.

'Palps' or errors tend to occur on these bets more often, as the sportsbooks create so many of these bets. The error can void the bet and mean that the bettor doesn't receive their payout.

Spot-fixing

This is an exciting way bets can be fixed or manipulated. In proposition betting, this sort of bribe is called 'Spot-fixing.' Using it in prop betting is that it only needs to involve one player instead of a whole team. Therefore, it is easier to arrange, and there is less chance of the fix being exposed.

When we talk about bet 'fixing,' we mean the illegal bribing of teams or players to produce a particular result; once the fix has been set up, bets can be taken out on the known outcome. Spot-fixing examples have been found in many sports over the years. For instance, in soccer, players have been bribed to miss a goal on purpose or fake an injury.

The History of Prop Bets

To look at the history of these bets, we needed to go back to the betting world of Las Vegas in 1986. That year, the Super Bowl was being played between the Chicago Bears and the New England Patriots, and the Bears were by far the better team.

Art Manteris, who ran the Ceasars sportsbook, wanted a way to attract casual bettors. He came up with the idea of betting on a single player. The Bears had a famous player called 'the Fridge.' Manteris felt that the Fridge wasn't up to scoring against the Patriots but that bettors would want to wager on him because of his popularity.

He set a line that the Fridge would score a touchdown at 20-1. MGM put up the same line an hour later, and other sportsbooks followed suit. It was so popular that the betting went from 20-1 to 2-1, and the prop bet was born.

Benefits of prop bets

One of the biggest positives about this form of betting is that it can produce big payouts. The lines in prop bets tend to be more volatile and move more often, and this volatility creates opportunities for bettors who know what they're doing and how to watch the odds.

The range of events to bet on is another significant positive with these bets. The bettor can choose from various events and research each to find the best bet. However, as with all forms of betting, nothing is guaranteed. Therefore, it is crucial to conduct deep research and understand how likely a wager will come in.