In gambling, a proposition bet (also called a side bet, prop bet, prop, or exotic) is a bet made on an outcome or a proposition. These can be anything from statistics and happenstance in a regular game to personal, one-of-a-kind bets. Examples of the former include betting on which team scores first in a match, or which cards are flopped in poker. An example of a one-of-a-kind bet, detailed in the book The Professor, the Banker, and the Suicide King, was David Grey betting Howard Lederer, a vegetarian due to gastric bypass surgery, $10,000 that he wouldn't eat a cheeseburger. (Lederer ate the cheeseburger.)
In casino games, the house often offers proposition bets (which are usually called side bets) on games like blackjack and craps. These bets are often not favored by experienced gamblers as the house edge on them far exceeds the player's edge on the normal game. For example, the Super 7's side bet in blackjack has a house edge of 12.6%, while blackjack itself has a house edge of less than 1% if the player follows basic strategy. Blackjack game has over 35 different side bets which influence odds in the game. The probabilities of winning on some bets may be as high as 1000 to 1 as in Lucky Ladies side bet (when the bet wins in case the player is dealt a pair of Queens of Hearts and a dealer is dealt a Blackjack).
Prop bets are now common for the Super Bowl in American Football. Most of the bets have little to do with the game. Some examples of recent options from the 2011 Super Bowl: How long the singer of the national anthem would hold the note of the word 'brave', or the color of the Gatorade dumped on the winning coach.
Labels: Betting Terms