Learn to Bet on Sports: What is a Prop Bet?

Historically, online sports betting has been about predicting the outcome of the game, i.e. who wins the game and who loses. Fast-forward to today, and you can now bet on more than the outcome. You can also bet on what happens during the match.

A form of this type of betting is called prop betting. This form of betting allows you to wager on specific events or outcomes within a game, often unrelated to the final score or result. From predicting the performance of individual players to anticipating particular occurrences during a match, the possibilities for prop bets are vast and varied.

While the concept of prop betting isn’t new, its popularity has surged, particularly with the rise of online sportsbooks and the evolving landscape of sports entertainment. In this comprehensive guide, we delve a bit deeper into prop betting in sports, exploring its origins, types, strategies, and its impact on the overall betting experience.

What is a Prop Bet?

What is a Prop Bet? Prop bets, short for proposition bets, are a type of wager that allows bettors to bet on specific events or outcomes within a sporting event. Unlike traditional bets that focus on the final outcome of a game, prop bets can involve a wide range of scenarios, including individual player performances, statistical milestones, or even unrelated occurrences during the game.

Put simply, any wager in a game that is not the point spread, moneyline, or total is a prop bet. So, events in the matches like, who will play the final touchdown, score the winning goal, or even the coin toss results all count as prop bets.

Props can be as straightforward as predicting which team will score first in a soccer match or as intricate as forecasting the number of strikeouts a pitcher will record in a baseball game. They can also extend beyond on-field action and include elements such as the duration of the national anthem performance at a sporting event or the color of a coach’s attire. The possibilities are endless.

One of the key attractions of prop bets is their versatility and the sheer variety of options available to bettors. Sportsbooks often offer an extensive array of prop bets for major events like the Super Bowl, NBA Finals, or World Cup, catering to a diverse range of preferences and interests among bettors.

Prop bets add a layer of excitement and engagement to sports betting, allowing fans to focus on specific aspects of a game and potentially capitalize on their knowledge or intuition. While some prop bets are based purely on chance, such as the winner of the coin toss, others may involve strategic analysis and insight into the nuances of the sport.

How Did Prop Bets Get So Popular?

Prop bets have been around for a long time. It was made popular by the Super Bowl, when, during their 30th event, between the Chicago Bears and New England Patriots. Close to the game, a rumor began to spread that the Chicago Bears would use William Perry, their defensive tackle in offensive goal-line situations. Some Vegas casinos put up a prop bet on whether he would score a touchdown in that game. William did score a touchdown and these casinos lost a lot of money.

Since that time, prop bets have become increasingly popular. This is in no small part due to the Super Bowl. For each Super Bowl event, over a hundred Super Bowl prop bets are offered. Half of the money wagered on the top sportsbooks during these events is on props. So these sportsbooks have also added the feature to other games such as regular NFL games, MLB, NBA, NHL, and other sports.

But the Super Bowl can’t take all the credit for how popular props have become. Other factors also contributed to the popularity prop bets have gained over time. Some of these key factors include:

• Entertainment Value: Prop bets add an extra layer of excitement and entertainment to sports betting. They allow fans to engage with sporting events on a more granular level by wagering on specific occurrences or outcomes within the game.
• Media and Marketing: The proliferation of media coverage and marketing surrounding major sporting events, particularly events like the Super Bowl, has played a significant role in popularizing prop bets. Sports networks, online platforms, and sportsbooks often promote and discuss prop bets extensively in the lead-up to major events, generating widespread interest and attracting new bettors.
• Accessibility: The proliferation of online sports betting platforms has made prop betting more accessible than ever before. Bettors can easily browse through a wide range of prop bets, place their wagers, and track the outcomes in real time from the comfort of their homes or on their mobile devices.

Prop bets have become a prominent feature of the sports betting landscape capturing the interests of bettors worldwide. As sports betting continues to evolve, more and more people will turn to prop bets for the excitement and entertainment it offers.

Type of Prop Bets

Props come in different forms, but most prop bets can be grouped into one of the following variations offered by most sportsbooks:

Game Prop Bet

Game props are based on events and occurrences that happen during a game. They can be set around moneylines, point spreads, and Over/Under totals. You can even wager in a Yes/No format. To make it even more versatile, Game Props can be based on the entire game or broken into innings, quarters, halves, and other derivatives.

Game Props can come in the following forms:

• Will the first goal come in the first ten minutes?
• Which team will get to 15 points first?
• Which team will get the most strikeouts?
• Which team will get the most free kicks?

All these are based on events that could happen when the game is going on. They are not based on or have any direct influence on the final outcome.

Team Prop Bet

Team props are based on the performance of the teams or sides facing each other in a sporting event. Just like the game props they can be set around point spreads, moneylines, Yes/NO props, or Over/Under totals. They can also be broken into derivatives.

Below are a few examples of team props:

• Will a team dominate in both halves of the game?
• What’s the total point scored by a team in the first half?
• How many goals will a team save in the first half?

All these are based on the performance of each team during the event.

Player Prop Bets

Player props are based on the performance delivered by players during a match, game, or event. These props can focus on a single player or pit two or more interesting players against each other (head-to-head props).

Imagine a football match that has the famous footballer Christiano Ronaldo playing in it, or one that has both him and Lionel Messi on the same pitch but on opposing sides. Pitting them against each other can create so many exciting proposition bets for bettors to wager on.

Here are a few examples of player props:

• The number of goals a player might score during the game.
• Which player will score a hat trick?
• The number of strikes a pitcher might get in the first outing.

Just like the other two forms of prop bets, player props can come as point spreads, Over/Under totals, moneylines, and Yes/No props.

Exotic Props

Exotic props are a bit different from the other types of props we have mentioned. They are betting markets that go beyond box scores for an event. They also include wagers on non-sporting events like the Oscars.

Exotic props are restricted so you may not find them in the sportsbooks, depending on where you are betting from.

Here are a few examples of exotic prop bets:

• Which artist will perform the national anthem at the next Super Bowl event?
• How long will the Super Bowl national anthem performance be?
• Which actor will star in the live adaptation of The Little Mermaid?

All these events are not related to sports. However, many sportsbooks still offer them for you to bet on.

How do Prop Bets Work?

Prop bet markets are not like your typical sports betting market. They are derivative markets that depend on the main betting market. Soccer allows you to wager on the first-half total in their main betting markets. A prop bet on which team scores first is a derivative of this main betting market.

If you understand the derivative market and how it works, you will be able to secure profitable pron bets on your slip.

However, other factors can affect the outcome of prop bets. A few of these forces include:

• Injuries
• Weather
• Coaching method
• Scheduling/squad rotation
• Player performance with or without the home advantage
• Player matchups

How to Make a Prop Bet

Shopping For the Best Prop Bets

The first step in making a prop bet is finding the best prop bets. Most prop bets you will find are common in the prop market. You will also notice overlaps in the prop bets available in the team, player, and game categories of any ordinary game. 

Bookmarkers will carry a similar variety of each type of bet, usually centered around vital aspects of the game such as assists, rebounding, and scoring. But this does not mean that the bets are totally the same across these platforms. The bets will vary, if only by a slight difference, and the odds won’t be the same too.

Shop around for the platform that offers the best layout of the available props. And then pick the event you want to bet on. You might find that popular games tend to have more prop bets available. A typical NBA game might have a hundred props to choose from, but props for an average NHL game might just add up to slightly above a dozen.

How to Bet on Props

Now that you have found a platform that offers the best odds, let’s walk through the process on how to bet props:

• Log in to your favorite sportsbook or the sportsbook you want to use for your prop bets. If you haven’t used the sportsbook before, you might need to create an operator’s account before you can make your bet.
• Find the sport you want to wager on. Props are available for a slew of sports events and other events that are not sport-related. 
• Get as much knowledge as you can about the option you want to choose. Many people will argue that props are about luck, but, just like every other form of sports betting, knowledge plays a major role in your bet winning. Take your time and research every little detail of the option you want to bet on.
• Once you have found the props you want to wager on, add them to your list of bets. Some sportsbooks might also allow you to wager on the props right away without adding them to your list.
• Decide on an amount. Remember to practice responsible gambling and only wager what you can afford to lose.
• Place and submit your bet. In most sportsbooks, you can do this by simply clicking on a button.

Once this is done, wait for the event to take place, and if you have made a correct wager, you will get a payout.

Tips for Prop Betting

If you are thinking of betting on props for the first time, or you have not betted in a while, and want to pick it up again, here are a few tips to help:

Set a Narrative

If you are making multiple bets on the same event, ensure that the bets follow a narrative. If you are betting the Under on the number of touchdowns, it might be a great idea to bet the Under on the game total too.

Research the Teams

When you are trying to find value in the props market, research the strengths and weaknesses of both teams. Look for props that go with those results and you might just catch a break. Look for what makes each team tick, and think about how you can leverage or exploit that when making your wager.

Shop Around

A great tip for bettors, regardless of the market they want to bet in, is to have multiple sportsbooks to wager on. This is especially true when it comes to sports betting. Unlike your standard wagers, like totals and point spreads, which tend to be alike, prop odds can vary greatly among sportsbooks. So shop around for the best odds before you wager.

Manage Your Bankroll

With the sheer number of possible props for most games, it is easy for bettors to get carried away. This becomes even more likely when big events like the Super Bowl are around the corner. If you want to get serious with prop betting, dedicate a portion of your bankroll to it, and ensure you do not use more than this amount. It is a great way to manage your props while measuring the success of your prop bets compared to other wagers.

Why Bet on Props?

Prop bets have a few benefits that make them a great addition to your betting slip. Here are the main reasons why you should bet on props:

• Flexibility: Prop bets offer flexibility that most other betting options do not. With prop bets, you get to choose from a diverse range of betting options, covering various aspects of the game, including individual player performances, team statistics, and game situations. This variety allows bettors to tailor their wagers to their interests and expertise.
• Opportunity for Specialized Knowledge: Certain prop bets may require specialized knowledge or insight into specific players, teams, or game dynamics. Bettors who possess such expertise can capitalize on their insights to make informed predictions and potentially profit from their bets.
• Entertainment Value: Fun props add a layer of entertainment for casual fans, enhancing the whole viewing experience by adding an element of fun and intrigue to the sports event.
• Accessible to All Levels of Bettors: Prop bets cater to a wide range of bettors, from novices to experienced professionals. Casual fans can enjoy placing simple prop bets based on intuition or preferences, while seasoned bettors can utilize their analytical skills to identify profitable opportunities.

When do Prop Wagers Get Paid Out

The timing for propositional bet payouts depends a lot on the sportsbook. It also depends on the type of prop and the time frame. If the prop is based on derivatives, bettors will get their payout as the game continues. However, some prop bets will only be paid out after the bet is officially over.

Let’s say you bet on a player to score a hat-trick, you will most likely get your payouts minutes after the player completes the three goals.

How to Read Prop Odds

Reading prop odds involves understanding the format in which they are presented and interpreting the implied probability and potential payout associated with each bet. Prop odds can be displayed in three formats, American, Fractional, and Decimal, and the odds would look different based on how they are displayed.

Let’s look at how the odds will look in each format, and how you can convert them from one form to another:

1. American Odds

These odds are also referred to as moneyline, and they are essentially built around the $100. Positive odds indicate the potential profit from a $100 wager. For example, if the prop bet is listed as +150, it means a $100 wager would yield a $150 profit, plus the return of the $100 wager, for a total payout of $250.

Negative odds indicated the amount needed to wager to profit $100. For example, if the prop is listed for -200, it means you would need to wager $200 to win $100 in profit, resulting in a total payout of $300.

2. Fractional Odds

Fractional odds represent the ratio of potential profit to the amount wagered. For example, odds of 3/1 mean you would win $3 for every $1 wagered. If the odds are 3/1 and you wager $100, you would win $300 in profit plus the return of the original $100 bet, for a total payout of $400.

Conversely, odds of ⅓ mean you would need to wager $3 to win $1 in profit. If you wager $300 on odds of ⅓ and win, you will receive $100 in profit plus the return of your original $300 bet for a total payout of $400.

3. Decimal Odds

Decimal odds represent the total payout, including both the profit and the original stake, for each $1 wagered. For example, decimal odds of 2.50 mean you would win $2.50 for every $1 wagered. So if you wagered $100 on this odd, you would receive a total payout of $250, including the return of your original $100 wager.

When reading prop odds, it’s essential to consider both the potential payout and the implied probability of the bet. Lower odds indicate a higher probability of occurrence but offer lower potential payouts, while higher odds suggest a lower probability but offer higher potential payouts. Additionally, understand the context, rules, and conditions for the prop bet you want to make, so you can informed decisions when placing wagers.

Converting Prop Bet Odds

As complicated as it might look, it is actually quite straightforward to convert prop bets from American odds to the other two kinds of odds.

To convert American prop bet odds on the underdog (this typically has the + sign in front of them), divide the number by 100, then add 1 to get your decimal odds. Using the +200 odds example, the decimal odd would be 3.0. The fractional odds would be 2/1 because you get $2 for every $1 you bet.

When betting on a favorite (with negative odds), the calculation is a bit different. So let’s say a particular player has a prop bet with a -300 odd. To get a decimal odd, divide 100 by the given odd, then add 1. So you divide 100 by 300, and that would give you 0.33. Add 1 to this figure and you would have a decimal odd of 1.33. The fractional odds would be ⅓. 

Best Sports for Prop Bets

Let’s take a closer look at some of the sports that offer the best form of prop bets and examples of prop bets you might see from these sports:

Football NFL Props

Football is most likely, the most popular sport in the country, and the same goes for football gambling too. The National Football League attracts more wagers than all other professional leagues. It shouldn’t come as a surprise that most sportsbooks offer a wider range of NFL prop bets than for any other sport.

You might find that there are different variations of the same NFL prop bet, but this depends on the site you are using.

Prop bets on NFL events can come from:

• The total receptions
• The touchdown scorer
• Passing/receiving yards
• Pass attempts/completions
• Rushing attempts, etc.

Examples of NFL prop Bets

1. Player Performance Prop Bets:

• Over/Under Total Passing Yards for Quarterback X.
• Will Running Back Y Score a Touchdown in the First Half?
• Total Receptions by Wide Receiver Z.
• Will Quarterback A Throw an Interception in the Game?
• Total Rushing Yards by Running Back B.

2. Team Performance Prop Bets:

• Total Points Scored by Team X.
• Will Team Y Score a Defensive or Special Teams Touchdown?
• Total Sacks Recorded by Team Z.
• Will Team A Convert a Fourth Down Attempt?
• Total Turnovers Committed by Team B.

3. Game Situational Prop Bets:

• Coin Toss Outcome (Heads or Tails).
• Will the First Score of the Game be a Touchdown or Field Goal?
• Total Field Goals Made in the First Half.
• Will the Game go into Overtime?
• Total Combined Points Scored by Both Teams.

4. Exotic Prop Bets (Super Bowl):

• Length of the National Anthem Performance.
• Color of the Gatorade Shower for the Winning Coach.
• Will there be a Wardrobe Malfunction during the Halftime Show?
• First Commercial to Air after Kickoff.
• Will the MVP Thank their Coach First in the Post-Game Interview?

Baseball MLB Prop Bets

Just like the other forms of prop bets, baseball prop bets do not have anything to do with the outcome of the game. It is based on some form of proposition. However, baseball in particular offers plenty of possibilities to wager on prop bets for entertainment purposes. 

Examples of MLB Prop Bets

• Over/Under Total Hits by Player X.
• Will Player Y Hit a Home Run in the Game?
• Total Strikeouts by Pitcher Z.
• Total Hits + Walks by Team Z.
• Will Team A Win by Over 3 Runs?
• Total Errors Committed by Team B.
• Will the Game go into Extra Innings?
• Total Combined Runs Scored in the First Five Innings.
• Will there be a Home Run Hit in the Ninth Inning?

Basketball NBA Prop Bets

After the NFL, the sporting event with the most number of prop bets to pick from is the NBA. Because the NBA has games that are played every night for many months, the event offers bettors many opportunities to bet props for each basketball game.

Regardless of preference, each bettor has a long list of player and team props to choose from, including bets such as:

• First basket scorer
• Alternate totals
• Player performance doubles
• Player to make three-point field goals
• Winning margin
• Quarter moneyline
• Player points + assists
• Plater points + rebound
• Player vs. player stats
• First or second half moneyline
• Spread points parlays

Examples of NBA Prop Bets

1. Player Performance Prop Bets:

• Over/Under Total Points Scored by Player X.
• Will Player Y Record a Double-Double (Points and Rebounds)?
• Total Assists by Point Guard Z.
• Will Player A Make Over 2.5 Three-Pointers?
• Total Rebounds + Blocks by Center B.

2. Team Performance Prop Bets:

• Total Points Scored by Team X.
• Will Team Y Score Over 100 Points?
• Total Three-Pointers Made by Team Z.
• Will Team A Win the First Quarter?
• Total Free Throws Made by Team B.

3. Game Situational Prop Bets:

• Will the Game go into Overtime?
• Total Combined Points Scored in the First Half.
• Will there be a Technical Foul Called in the First Quarter?
• Total Steals in the Game.
• Will the Largest Lead of the Game be Over 15 Points?

Hockey NHL Prop Bets

Some sportsbooks also offer NHL prop bets, but these are very difficult to find especially the player prop bet types. If you do find NHL props, these are some of the wagers you might be able to place:

• Both teams to score
• Player to be credited with +1 point
• Player to be credited with +1 total assists
• Method of victory
• Will there be a shootout?

Soccer Prop Bets

Soccer might not offer as many prop bets as the NFL, but it is another popular sport in the country that offers bettors exciting prop bets to choose from. Because of how popular soccer is, many sportsbooks carry soccer prop bets. These prop bets come in different forms including Player props, in-game props, and goal-based props.

Here are a few examples of soccer prop bets bettors can wager on:

• Team to score first
• The player to score the winning goal
• The player to score the most goals
• Player to score a hat trick

When are Prop Bets for Games Released?

Prop bets are usually posted after point spreads, moneylines, and totals. However, with increasing demand for prop bets, most sportsbooks are releasing them sooner and sooner.

The type of games also determines when the prop bets are released. Weekly NFL games that show on Sundays, usually get their prop odds on Wednesdays and Thursdays. College football games get theirs a bit later, on Thursdays and Fridays, even though the games are usually on Saturdays.

Nightly events, such as the MLB, NBA, and NHL, will most likely get their prop odds released on the morning of the event.

Prop Bets Vs. Futures

Prop bets tend to be confused for future bets because they share certain similarities, but these are two distinct types of bets with several differentiating features.

Prop bets focus on specific events within a single game or match. These bets cover a wide range of scenarios and are typically resolved within a short timeframe, often during the course of a single game or event.

Futures on the other hand are more long-term. They involve wagering on the outcome of a future event or season. These bets are often placed well in advance of the event and require bettors to predict the winner or other specific outcomes that will occur at the end of the season or tournament. Unlike prop bets, future bets require patience as the outcome may not be determined until the conclusion of the entire season or tournament.

Fun Vs. Skilled Prop Bets

Prop bets can be categorized into two main types: fun prop bets and skilled prop bets. Fun prop bets are categorized by their entertaining and often lighthearted nature. These bets focus on the outcome of the game or event that is not directly related to the outcome or performance of the teams or players.

Fun prop bets are popular during major events like the Super Bowl or championship games, where sportsbooks offer a wide range of quirky and unconventional betting options. Examples include predicting the length of the national anthem performance during Super Bowl, or the color of the Gatorade shower for the winning coach. Fun prop bets are meant to attract casual bettors and fans without much expertise in sports betting.

On the other hand, skilled prop bets require a deeper understanding of the sport and strategic analysis to make informed decisions. They focus on specific events or outcomes within the game that can be analyzed using statistics, trends, and player performance metrics.

Skilled prop bets may involve predicting individual player performances, team statistics, or in-game situations based on a bettor’s knowledge and expertise. Examples of skilled prop bets include predicting the total number of points scored by a specific player, the outcome of a particular matchup within the game, or the performance of a team’s defense against a specific offensive strategy.

FAQs

What makes prop bets different from traditional bets?

Prop bets focus on specific events or outcomes within a game, such as individual player performances or in-game occurrences, while traditional bets revolve around the game’s final outcome.

Are prop bets only available for major sporting events?

No, prop bets are available for a wide range of sporting events, from major championships to regular-season games. However, major events like the Super Bowl tend to feature a more extensive selection of prop bets.

Can anyone place prop bets, or is expertise required?

Prop bets cater to all levels of bettors. While some prop bets may require specialized knowledge, others are based on luck or intuition, making them accessible to casual fans as well.

How are prop bet odds determined?

Prop bet odds are determined by sportsbooks based on factors such as player statistics, historical performance, and current game circumstances. The odds reflect the perceived likelihood of a particular event occurring.

Are prop bets only about sports outcomes?

No, prop bets can cover a wide range of topics beyond sports outcomes. They may include entertainment events, political occurrences, or even the weather, offering diverse options for bettors.