Prop betting is a popular but somewhat unconventional form of wagering. It's been steadily gaining popularity in recent years, but many people are still unfamiliar with how proposition bets work.
This type of wager is one of the most versatile types on the market and offers many opportunities that other wagers don't. However, this type of bet is the polar opposite of high-stakes.
Due to the small wager sizes and variable options, proposition bets are ideal for beginners and small stakes players. Would you like to know more? Join us as we take a closer look at prop betting, what it is, and how to place a prop bet.
What is a Prop Bet?
Proposition bets are a type of wager that doesn't revolve around the game's outcome. Instead, prop betting focuses on the occurrence or non-occurrence of an event.
For instance, you could place a prop bet on whether Stephen Curry will hit 105 consecutive three-pointers. While it's unlikely that anyone would have taken that offer before the basketball star actually accomplished the feat, it's a perfect example.
We can find another perfect example of a prop bet in the NHL. Will Alex Ovechkin take a penalty in the next game?
Prop betting essentially provides a way for people to wager on things other than the results of the match. Some people may think that proposition bets are similar to futures bets, but there is a significant difference.
The main difference between the two types of bets is that you can place proposition bets on a live game. For futures, you can only place a wager on the event long before it happens. Typically, you have access to futures wagers at least a week before the event.
The final thing you ought to know about prop betting is that you can only make wagers within a small range. Typically, you can only bet $300 or less on a prop bet.
How to Place a Prop Bet?
Now that you know what it is, you probably want to know how to place a prop bet. Let's take a closer look at some of the most vital elements. By the end of this section, you'll be able to explain how to place a prop bet to your friends.
How to Read Prop Bet Odds
In essence, there's little difference between prop bet odds and standard moneyline odds. Every set of odds gets expressed in terms of a $100 wager.
Favorites get represented by a - sign, and underdogs by a + sign. Let's say you're making a wager at -150 odds. In this case, you can bet $150 and make $100 in profit if you win your bet. Conversely, if you bet on +150 odds, you only need to wager $100 to win $150.
Step by Step How to Place a Prop Bet
Placing proposition bets is easy, but we'll teach you how to place a prop bet step by step.
That’s all there is to it. You now know how to place a prop bet.
Handicapping Your Prop Bets
Handicapping your prop bet can require a lot of dedicated research. Unlike point spreads and other mainstream betting forms, the bookies don't provide the information upfront. Instead, you need to do some digging.
Let's say you're trying to successfully make a wager about a specific player in the MLB. Perhaps you're trying to place a proposition bet about which player will score the most home runs this season.
Player one has scored five home runs in his one year career. Player two has earned 10 over a two-year career. The third player has scored 18 home runs over a career of three years.
Player three is the obvious bet, right? Well, what if you learned that he scored eight of those home runs during the first year of his career and only two in the last year? Where does that put you statistically?
Player two, on the other hand, didn't score a single home run in the first year but has been systematically building momentum since. However, player three is also going through an unexpected divorce.
The moral of the example is everything matters. When you establish your own handicapping, you need to consider every essential element and rank accordingly.
Fun Vs. Skilled Prop Bets
Typically, prop betting gets divided into two categories: fun and skilled. As you might have guessed, fun bets don’t have much strategy to them.
The fun propositions could include things like which color the referee's shoes will be. Other examples include how many timeouts there will be and how long the national anthem will last.
Skilled bets are the opposite. They're the statistical bets that require a lot of knowledge. They usually revolve around specific players and their abilities.
There aren't any real differences between the two types, other than that the one set is more serious than the other.
Where to Place a Prop Bet?
Here is our expert selection of the bookmaker where you can place a Prop Bet right away :
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Prop Bets on Sports
Prop bets appear in many different categories, ranging from the presidential election to random events. However, the main attraction for most bettors lies in the sports arena. Let's look at some examples.
Live Prop Betting
As prop betting grows in popularity, so do live prop bets. The live version of this wager offers bets that have a short acceptance window.
Will Player Z score a goal before halftime? Is Player A going to score a three-point basket or a slam dunk? You can expect many of these types of questions to cross your mind when you're live betting.
NFL Prop Betting
The NFL is great for prop betting. Will Player F be the first to score a touchdown? Will Player B make it past the defense before halftime? Many potential wagers are possible.
As with any other proposition, ensure that you know the details well before you make the wager. Try wagering on the players you follow most and with whom you are most familiar.
MLB Prop Betting
MLB is another popular focus for prop betting. Will Player C beat their previous home run record? Can Player Y make it to first base in time? As with any other sport, it’s important to know the player's stats.
Fortunately, people commonly regard MLB as a statistical game. As such, you can easily find detailed, up-to-date information about specific players.
NBA Prop Betting
Perhaps more than any of the other sports listed here, prop betting on the NBA requires careful research. You need to understand a player's strengths, weaknesses, and tendencies before wagering.
How likely is the player you're wagering on to shoot a three pointer? Does he have a preference for taking risks, or is he a cautious player? All these things and more contribute to the potential wagers on NBA players.
Why Place a Prop Bet? Benefits and Disadvantages
As with any wagering, prop betting has both advantages and disadvantages.
The main disadvantage of this type of wagering is the small bet sizes. Since you can't usually wager more than a couple of hundred dollars, it's difficult for people who typically lay down large stakes.
The other disadvantage is that prop bets can require a fair amount of knowledge about the subject to bet successfully. You can occasionally win a point spread or straight bet without too much trouble, but you shouldn’t rely on luck with a prop bet.
You need to know the teams and players that you're wagering on if you want any chance of winning.
There are many advantages to prop betting. This kind of wager offers you a lot of diversity. While point spreads and straight bets typically stay within the same parameters, there are few limits on propositions. You can wager on anything from a player's performance to their choice of attire.
The disadvantage of needing a lot of information is also an advantage. Especially with wagers centered around performance, a little research goes a long way. You can beat many prop bets with simple statistics.
FAQ - Prop Betting
Why are the Maximum Wagers on Proposition Bets so Low?
Prop betting doesn't typically qualify as a profitable wager type for sportsbooks. Most betting operations offer wagers that guarantee that the sportsbook will earn money from the bettors. However, in the case of a prop bet, it’s not as easy to guarantee that the sportsbook will earn money, because they have less predictable outcomes.
Prop betting often revolves around a single player, so many small factors can impact the bet. It’s easy to become educated on the bet though, as you can readily find relevant information about a specific aspect of a player's career.
For instance, player A has a reputation for their nasty temper. The sportsbook offers a prop bet that the player will earn at least two penalties during the match. Some basic research will quickly tell you that it's statistically likely.
Due to the amount of effort required, and because specificity is advantageous for the bettor, it's not always profitable for sportsbooks.
Where Can I Place a Prop Bet?
With its steady increase in popularity, prop betting is much easier to find than it once was. Many different sportsbooks now have the option, and you won't struggle to find a good fit. You can check out our sportsbook reviews to find your ideal operator.
Is Prop Betting Profitable?
Absolutely! Even though the wager sizes aren't large, it's often easier to win with this type of bet. If you do your research and choose a wager that you understand well, luck is on your side.
If you'd like to add some variety to your wagering regime, then prop betting is an awesome idea. Whether you prefer betting on NHL, NBA, or MLB, you can find various proposition bets.
Prop betting is a steadily growing trend in the United States, and many bettors claim that it's one of the most profitable trends they've ever tried. There's only one way to find out if proposition bets are for you.
Now that you know how to place a prop bet, and what it is, why not try it yourself? It's not the way to go if you want to play for massive stakes. However, you can still turn a tidy profit by placing smaller wagers regularly.
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