The Ultimate Guide to Prop Betting

What Is Prop Betting?

A prop bet is a type of wager based on a specific player performance or in-game event rather than on the final outcome. Most sportsbooks offer three main types of prop bets: game props, team props, and players props. Some sportsbooks also offer bets called exotic props, but we’ll touch more on that later.

Below are some examples of hypothetical prop bets for a game between the Kansas City Chiefs and the Detroit Lions:

You can choose any of the prop bets above without worrying about which team wins the game. So long as your specific prop hits, then you win your bet, regardless of what the final outcome is.

How Prop Betting Differs from Traditional Betting

When we mention traditional betting, we’re talking about moneyline, spread, and total bets. Although these are all forms of betting, they are significantly different from prop betting in many ways. Some of the biggest differences include:

• Specificity: Traditional bets typically cover broad aspects or outcomes for an event, as prop betting has a specific focus on a player or aspect of the game. Most prop bets are based on individual player performances, specific plays, or statistical benchmarks. 

• Odds & Payout: Traditional bets have odds that are straightforward and that are backed by data and analysis. This means that there are several “safe bets” that have low payouts. Prop bets’ odds have more variance, given they may not follow traditional statistical patterns. These varied odds also offer the potential for a greater payout.

• Strategy & Risk: Prop bets are considered to be more risky than traditional bets because their outcomes are more difficult to predict. This makes it more difficult to implement a strategy like you can with traditional bets.

• Popularity & Availability: You will find traditional bets at every sportsbook you visit. This is not always the case for prop bets. Since they are not as popular as traditional bets, not every sportsbook offers them. 

Luck vs. Skill-Based Prop Bets

All prop bets can be categorized into one of two types of bets: luck and skill. As the names suggest, some bets can be won with a bit of skill, while others depend entirely on luck.

For example, analyzing and predicting outcomes based on statistical data is considered a skill. Whenever you make a prop bet on an individual player’s performance, you can use this skill to help give you an edge. The outcome is never guaranteed, but you can statistically ensure that you have the best chance possible of winning your bet.

Other bets, such as betting on the outcome of a coin toss to start a game, are entirely based on luck. These luck-based bets are more risky but usually offer some of the best lines at the sportsbook. 

Understanding Prop Betting Odds

Prop betting odds work the same as odds for traditional bets. In case you need a refresher, here is a quick breakdown of the types of odds you’ll see at sportsbooks and how to read them.

American Odds

American odds are also known as moneyline odds. They are shown as positive (+) and negative (-) numbers.

• Positive (+) Odds: These indicate how much profit you would make on a $100 bet. For example, if the odds are +150, you would make $150 profit on a $100 bet. This would result in a $250 payout.

• Negative (-) Odds: These indicate how much you need to bet to make a $100 profit. For example, if the odds are -200, you need to bet $200 to make a $100 profit. This would result in a $300 payout.

Decimal Odds

Decimal odds represent your total payout on a $1 bet. For example, if your odds are 2.50, then you would make $2.50 for every dollar you wagered. The easiest way to calculate your potential winnings is to multiply your wager by the odds ($100 X 2.50 = $250).

Fractional Bets

Fractional bets are not nearly as common as American or decimal odds, but they are easy to understand if you do come across them.

The odds are represented as a fraction. The first number (numerator) represents how much you could win relative to the second number (denominator) which is your stake. For example, if a bet has odds of 5/1, then you would $5 for a one-dollar bet. 

How to Find the Best Prop Bets

Finding the best prop bets will take a little time and research, but there are many steps you can take to ensure you are finding the best bets available and getting the most valuable possible.

Shop Around Sportsbooks to Find the Best Odds

All sportsbooks compete against one another for customers (you). Take advantage of this competition and shop around several sportsbooks to find the best odds for a bet you are considering making. Even slightly better odds can add up in a big way, and sometimes you will be lucky enough to find a significant value increase from one sportsbook to another.

Remember, odds and betting lines tend to shift easily, so it’s always best to double-check your options before choosing the sportsbooks to place your bet. 

Keep an Eye on Injury & Weather Reports

One of the biggest mistakes that prop bettors make is neglecting roster updates and weather conditions. This can especially impact individual player performance bets and cause the odds to shift dramatically.

For example, if you’re considering making a prop bet on how many yards a quarterback will throw for in a game, it’s best to check the weather conditions. If the teams are playing in cold and rainy weather, you can expect the passing game to be less effective and result in fewer passing yards. Not only can you leverage this info to avoid taking the over, but it can help strengthen the chances of the under-hitting. 

Avoid Luck-Based Outcomes When Possible

We get it, luck-based prop bets are more exciting. Luck-based prop bets are also some of the most difficult to win. There will always be scenarios where you can find valuable odds, but in general, we suggest avoiding a gambling diet of all luck-based outcomes, as this can result in chasing your losses.

Analyze Matchups

This may seem obvious, but many bettors neglect to do proper analysis when making a prop bet. Analyzing these scenarios and leveraging past data is a great way to give yourself an edge in prop betting.

For player and team-based props, look at historical data of how that team or player has done against similar opponents. Try and identify any strengths or weaknesses that you can when looking at past performance, and consider this information when placing your next bet.

Use a Prop Bet Tracker

A bet tracker can help provide you with useful context into what other bettors are wagering on. This is usually a good way to find value, whether it’s going with or against the grain. You can also filter through the tracker to find specific bets and values you are looking for.

Most Popular Sports for Prop Betting

Almost all sports have prop bets available, but you have far more options if you’re wagering on a popular sport or league, like the NFL or NBA. This will vary by sportsbook, but in general, these are the most popular sports for prop betting:

Football

Football is by far the most popular sport for prop betting. Not only do the weekly regular season games offer great action, but the Super Bowl is one of the most bet-on events in the world and is known for its massive selection of prop bets. If you’re looking for the most prop-betting action, we highly recommend betting on NFL games.

Basketball

Basketball is another popular sport for prop bettors, especially when it comes to games involving big-name players. Both the NBA and NCAA offer prop bets, but you’ll find the best ones during the NBA playoffs and March Madness.

Baseball

The MLB has a unique selection of prop bets and a long history of stats and data to help you along the way. The World Series especially offers many great prop bets to choose from, and many bettors enjoy jumping in on the action. 

Hockey

Hockey fans are in luck when it comes to prop bets, as the sport’s unpredictable and aggressive nature makes for a great selection of props. You can usually find props on fights during the match as well.

MMA

Professional fights have always been known for being exciting and unpredictable. This makes them a great sport for finding valuable prop bets to cash in on. If you are looking for good MMA prop bets, be sure to check shortly before big-name fights and title bouts. 

Entertainment Events

A lesser-known, but still great, opportunity for prop betting is with entertainment events. The Oscars and Grammys are always known for having a selection of prop bets. Another unique area of entertainment betting is politics – Yes that’s right, you can bet on political outcomes and candidate-specific actions. However, it may be difficult to find a sportsbook that always offers these types of odds. 

Types of Prop Bets

As we mentioned above, there are several types of prop bets you will find at sportsbooks.

• Game Props – Game prop bets are focused on specific events or outcomes within the game itself. For example, will there be a safety in the game?

• Team Props – Team props focus on specific performance metrics of an entire team in a match. For example, the total number of rebounds that the Cleveland Cavaliers will have in the first half. 

• Player Props – Player props focus on individual player performances. For example, betting on how many passing yards Patrick Mahomes will have in a game. 

• Exotic Props – Exotic prop bets are not as common, but these are novelty bets that can be found during special occasions such as the Super Bowl. A popular example is betting over or under on the total length of the national anthem before the game.

Best Prop Bets Today

Get Started Prop Betting With Confidence

To summarize, prop bets are a unique type of bet that allows you to bet on a specific performance or outcome within an event rather than betting on the outcome itself. This allows you to bet on specific teams and players, as well as events such as coin tosses. Not all sportsbooks offer prop bets, so be sure to shop around and find the one that best suits you. 

Now that you know everything you need to know about prop betting, it’s time to get started on the path to success. One of the best places to start is with some advice and data from an experienced sports handicapper. Sign up for our premium handicapping experience today and gain access to on-the-spot analysis for your next bets.