| Prop Bets |
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Prop (short for Proposition) bets provide the sportsbook with another method to give bettors an opportunity to put some money into play. Linesmakers can come up with a wagering line on an unlimited number of different aspects of a sporting event and take action on them. The number of available proposition bets is solely at the discretion of the sportsbook. For example, online bookmaker SportsInteraction.com offered the following prop bets for a 2008 Monday Night Football game between Minnesota and Green Bay: First Scoring Play
As you can see, prop bets allow the sportsbook to greatly increase the number of wagering options within a particular event. You may have also noticed that the book will typically inflate the juice on prop bets. While they can easily hide this fact in a complex string of bets such as under the category "winning margin" above, it is quite obvious in the "highest scoring half" section where the juice has clearly been doubled over the normal -110. The books increase the juice on prop bets in order to lower their risk while increasing their profit. All books offer spread, moneyline and totals bets. As such, a consensus line develops as more and more handicappers vote with their wallets. This gives the books a solid grip on the true line for the most common bets. It also gives the bookmaker the ability to lay money at another sportsbook to reduce his exposure if he gets too much action on one side of a particular spread, moneyline or total. Were the book to get lop-sided action on Green Bay to cover the spread, the book can wager an off-setting amount on Minnesota at another sportsbook, thus avoiding a large loss if Minnesota wins. Prop Bets Increase a Sportsbook's Risk With prop bets the bookmaker is more or less on his own. Not all books offer props, and not all books that offer props will offer the same props. The bookmaker's line on a prop could be way off, and he does not know it. He mitigates his risk on props by hiking up the juice. It is also typical that the maximum allowable bet on a prop is lower than on the game's spread, moneyline and totals bets. The bookmaker is looking for action from the recreational bettor. By minimizing the profit potential he discourages professional handicappers from looking too long and hard at the prop lines. Despite this, there can be some good values in prop betting for the experienced handicapper. Just be aware that your advantage over the house line must be significant to overcome the increased vig and be profitable. |