Sports’ betting has traditionally involved predicting the outcome of a match. Essentially, this meaning punters who engaged in NFL betting would simply be choosing the team that’s likely going to win between the Home Team and the Away Team (sometimes even predicting a stalemate). However, sports’ betting has since evolved with time. Nowadays, sports’ betting does not only entail predicting the outcome of a match but it does encompass many other things. These new forms of bets are generally referred to as prop bets.
What are they?
Prop bets in full proposition bets are bets that are made by a punter on an individual players or a situation that’s likely going to happen during a game. In essence, prop bets have nothing to do with predicting the outcome of a game. Prop bets are now prevalent in many sporting disciplines including the NFL. When it comes to the NFL, the first prop bet was placed during Super Bowl XX for the market, “Will William ‘The Refrigerator’ Perry scores a touchdown?”
Since then, more and more prop bets have emerged. NFL prop bets are gaining traction among punters. These owing to various reasons some of which include the following. Firstly, prop bets can be placed in-play – punters therefore do not have to worry about missing the betting deadline when they want to place prop bets. Secondly, prop bets generally allow the punter to use his sporting knowledge in placing bets – for those confident that a certain player will score a touchdown, they simply can generate some money by utilizing the knowledge that they have. More examples of prop bets that allow the punter to use his sporting knowledge include predicting the yards a player will average a game, predicting if there are any injuries that will occur during a game and predicting if the weather is ideal for passing among many others. Some innovative sportsbooks even allow punters to propose their own prop bets and once they do, the sportsbook will work out the odds and hand over to the punter! Over and above, most prop bets are more lucrative as compared to the traditional bets hence punters looking for big payouts tend to favour prop bets.
How they work
Prop bets are in many instances similar to the traditional bets. This meaning when it comes to odds, the sportsbooks will calculate the odds such that both the house and the punter can benefit financially – for the house, it benefits both when the bet pays out or not while for the punter, it benefits him when the bet pays out.
As prop bets function similarly to traditional bets, punters must always look for value in the prop bets they are looking to place before they take the necessary action. What this essentially means is that the punter will need to do his homework in figuring out if there is likelihood of the bet returning a payout or not before placing the prop bet. It is in this instance where background knowledge about the game and the teams playing will come into force. When looking to place player prop bets, the punter will need to know more about the player in question before placing the prop bet. Essentially, just like any other bet the punter may think of, when looking to place prop bets, the ultimate aim is to inefficiencies in the market and exploit them.