In a Nutshell,
Placing a bet on one individual event that is separate from the Money Line, Spread, and Total. Its like choosing whether the amount of points a specific team or player goes over or under is a prop bet.
For instance, if you select LeBron James under 7.5 rebounds (+125), he’ll need to finish with below 7.5 rebounds for the bet to win. If this bet wins, you’ll profit $125 on a $100 bet
Prop bets are short for proposition bets. They are a type of bet in which bettors wager on occurrences during the game. Also known as side bets, prop bets are quite different from the standard moneyline, point spread and total bets; they have nothing to do with the final outcome of the game. Prop bets deal with individual players, team performances and happenings during the game. Almost all bet types on games which aren't moneylines, point spreads or totals can be considered as prop bets.
Historically, prop bets first occurred in sports betting
for the Super Bowl XX in 1986 between Chicago Bears and New England Patriots. Las Vegas sportsbooks accepted bets on whether Bears' rookie defensive tackle William Perry famously known as ‘The Refrigerator’ will score a touchdown. Perry eventually went on to become the heaviest player to ever score a touchdown in the Super Bowl. After that, the popularity of the unique alternative market grew rapidly and prop bets became attached to the illustrious Super Bowl.
With growing demand year-on-year, prop bets' demand would eventually outgrow the prestigious annual playoff game. The emergence of online sportsbooks has ensured the availability of several prop bets on regular season games in almost every sport. Major advancements in betting analytics and the rise to fame of fantasy sports in recent years has eliminated the perception of prop bets as sucker bets, and more importantly led to its further growth in the sports betting industry.
Types of Prop Bets
Over the years, prop bets have added an extra layer of complexities as well as excitement into sports betting. They are different from the usual points spreads, totals and moneyline. Props bets pretty much come in different sizes and shapes, creating the opportunity for fascinating and sometimes bizarre bets. Based on regular availability on sportsbooks, prop bets can be divided into four variants.
Player Props: This is a variant of props bets decided by the performance of a player during a game. It can be anything from how many three-pointers a player will score in basketball, down to how many touchdowns will be scored by a quarterback in football. Prop bets can be based on an individual player or be in a head-to-head prop, where two or more players are pitted against each other. On many occasions, total bets are incorporated with player props for bettors to wager on in form of over and under. Player props are one of the most popular forms of prop bets because of the large market option it offers. There's a big chance of availability of any prop market option on sportsbooks as long as it deals with players’ performances.
Team Props: This is another popular form of prop bets. It deals with the performance of a team as a whole. Bettors get the chance to wager on the happenings around a team in a given game in a team props. This could be anything from how many touchdowns a team will score in a certain half of the game in football to how many games a team will score in a hockey game. Team props often come in moneylines, totals or yes or no formats, and can also be broken into derivatives. Bettors actively engage in team props as it relies more on group work rather than individual action, which gives a better chance of winning bets.
Game Props: Quite a lot happens during a game and this is what game props are all about. Unlike player props and team props which deal more with specifics, game props are concerned with the entire game, focusing on all players and the two competing sides. Game props could involve the possibility of either goaltender scoring a shutout in hockey or which team hit a home run first in baseball. Game prop focuses more on totals, but can also come in a moneyline and yes or no format. Betting options are much more concise in game props, compared to other variants of prop bets, which could aid faster decision-making.
Exotic or Novelty Props: This is where prop bets catch the attention of the fanfare the most. They mostly occur during the biggest of sporting events, adding to the fascination and excitement. They often don't have anything to do with the game itself, which sometimes gives a bizarre option to wager on. Novelty bets could range from the length of the national anthem during the Super Bowl down to the performance at halftime.
Exotic bets sometimes could feature non-sporting events which could be in politics, movies, music, etc. An example is betting on who to win a certain election or a particular Oscars or Grammy award. However, the bet type may be due to some restrictions in certain areas. For example, betting on the Gatorade that will be dumped on the Super Bowl-winning coach is available on most sportsbooks, but this is illegal inside of Nevada.
