Many bettors are unaware of the proposition bet also known as the “prop” bet.Years ago when betting first evolved in the offshore and online business the world of prop betting only existed when it came to the Super bowl. Since things have changed in a very big way. Proposition betting is simply defined as betting on current events. This definition does suffice but it much broader than that. When they were first introduced at the super bowl it would be as simple as betting on the coin toss and whether the coin would land on heads or tails. The proposition wager could also include statistics. For example on the Super Bowl a sports bettor would be able to wager on what Quarterback would have more passing yards or what player would score the first touchdown. This has changed drastically since then and has expanded to include different sports, current events and celebrities.
To give you an example let’s look at a current event in the news today that has gotten a ton of press. Michael Vick was detained by the feds and brought to justice with others that were involved in a dog fighting ring. This is big news and the media made this a top story on a daily basis. Soon you could not pick up a newspaper or turn on a television without hearing about the latest developments in the Michael Vick case. The sportsbooks saw this as a perfect time to take advantage of the media coverage and offer a prop bet on the case. It was beted.com to step to the forefront and offer this juicy proposition wager on Michael Vick and what is sentence may be in the case.
This is a prime example of proposition wagering that is offered by a sportsbook that is taking advantage of the current events. This is not the only arena that is affected by proposition wagering. One night events like the Oscars and the Emmys are also targets for proposition bettors that think they know the awards winners for the night.
The proposition wagers are often limited with a cap of how much you can wager on them. This is because proposition wagers carry some risk for the sportsbooks. For example years ago there was a proposition wager on reality television which is still popular today. Trying to pick a winner in a reality television competition is easy for someone who is on the inside and it could become costly for a sportsbook like it did years ago when someone that was working for CBS was wagering on the winner of Survivor and winning big with his inside information. The sportsbook started noticing a pattern when an individual kept winning year after year and soon pulled the bet and banned the bettor.
Proposition bets are very entertaining and that is exactly how they should be approached especially when you wager on any events that happen out side the realm of sports. Many professionals wager on propositions and do quite well so I would not discount them, and I would employ some research and use them to your advantage to find another way to make money from the sportsbooks. They provide another outlet to make money and doing research on sports proposition wagers will often assist in deciding on a side or total from the game as well. In the end they are a decent compliment for regular sports wagering.
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