Exotic wager, What is proposition bet, prop betting explained

The proposition bet (also called exotic wager or prop) is not a relatively new way of wagering on various sporting and non-sport related events, but in the recent years has become increasingly popular with the online sportsbooks and the bettors world-wide. In the section we will explain in the simplest way what is proposition betting, the terms exotic wagers and props and how to bet them.

First, what is proposition betting? The proposition bets (a.k.a. props or exotic bets) are wagers with more than one outcome which are not directly related to the final score of the event. The last part is the more important one. Let's explain this with an example of proposition bet: At the online sportsbook BodogLife currently we can find the following boxing proposition bet - for the fight Oscar De la Hoya vs. Manny Pacquiao, the prop bet on Oscar De La Hoya to win the fight by KO, TKO, or DQ is listed with odds 29/20, Oscar De La Hoya by Decision 8/5 odds, Manny Pacquiao by KO, TKO, or DQ 9/1, Manny Pacquiao by Decision 11/4 and a draw with payout 17/1. As you can see, this bet is not about who will win the fight or in what round, but how the fight will be won. De La Hoya wins the fight by decision in the end, but you bet that he will win by TKO - your exotic wager is a loser. Let's do a simpler example - How many yards will Tony Romo throw in the nest football game - less than 100, 101-150, 151-200 etc., with each outcome paying out on its own odds. In this case, the final score of the Cowboys game is relative and so is who will win the game.

But the most popular proposition bets currently are the entertainment betting props. In this case, the sportsbooks post odds on various non-sporting events, with the leader at this time being the presidential betting odds. For example, Barack Obama is -145 favorite, while John McCain is +115 underdog. Another example of entertainment exotic wager is the American Idol - over 1 million people reportedly bet on last season of the American Idol - who will win, who will be voted next, which judge may be fired, etc.

And finally, in the U.K. you could often see the proposition bets described as "markets". For example, at the British online bookmaker Bet 365, for the Everton v Liverpool game the odds are 230/1 on the proposition bet (betting market) that Phil Neville will score the first goal for Everton.

Published on 09/22/2008