Many Australians punters tend to brush aside prop betting when it comes to their bet slip. These bets are usually known to be more for entertainment value than anything else. With many bookies offering bettors the chance to wager on things like who will die next in Game of Thrones, it really isn’t surprising why some bettors struggle to take this wagering option seriously. But these are only some of the types of prop bets available online.
Ultimately, prop bets have the potential to make punters a load of cash if they know how to use them to their advantage. If you’re looking to learn how you can make the most of them, you have come to the right place. Our guide down below explains all you need to know about prop betting at Australian sportsbooks. So, read on down below and get started on making some money!
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What Are Prop Bets?
- Modern – these are traditional prop bets made on sporting events. For example, betting on a player to score a certain number of goals in a match.
- Exotic – these are bets that are only made available for certain occasions. They are often named specials. For example, betting on the coin toss at the NFL Super Bowl.
Punters should always have a good look at the prop bets a site offers. They’ll be surprised by the interesting offers they may find in their favourite sports. Ultimately, they all add up to be extra opportunities to make more money.
Prop Betting Odds Explained
As with all wagers at an online sportsbook, prop bets are paid out in accordance with the odds made available on the bet before it was placed. Odds tell you how much you can win on a bet. Ultimately, punters need to be able to read them to understand how much they stand to win by making a specific bet.
Although there are multiple manners in which odds can be displayed, most Australian sportsbooks tend to make use of the decimal format. It is fairly simple to read and calculate potential winnings with this system. (Although most sites will probably calculate your winnings for you automatically before placing the bet.)
So, let’s say you want to place a prop bet on a Manchester City vs Fulham game in the English Premier League. You will be confronted with a list of possible prop betting options when visiting an online sportsbook. You will need to select your prop bet and the odds will be presented like this:
|1st Goalscorer: Aguero||3.75|
If punters place an AU$150 bet on Sergio Aguero to score the game’s first goal, they will be paid out AU$562.5. We were able to calculate this by multiplying our stake by the odds located next to the betting option. The final amount includes both the punter’s stake and their winnings.
Before placing a bet, punters need to make sure that they have done a bit of line shopping. This involves looking at the same bet at a number of different sportsbooks. You always want to make sure that you can get the best deal possible on the bet you would like to make.
Tips for Prop Bets
While we can’t guarantee that these tips will ensure that you win every bet, they are bound to lead to you making successful bets more often. So, do keep them in mind when making your next wager!
- Bookmakers don’t pay as much attention to setting odds for prop bets as they do for other more popular bets. This often leads to situations where punters are able to find betting options that have a skewered house edge. We recommend that bettors always shop around for prop bets, you never know which sportsbook has made a mistake somewhere.
- Many prop bets focus on betting on individual players and individual outcomes. Thus, it is good to keep up to date with current stats. If you know that a particular player has scored in every game this season, it would make sense to bet on him to score in the next match. There are loads of bets that are made easier to predict when you study player stats. Obviously, anything can happen, but there are definitely outcomes that are more likely to take place than others.
- Understand the difference between skilled prop bets and those meant for fun. Earlier we mentioned that many sportsbooks allow punters to bet on the Super Bowl coin toss. This is a bet that is truly based on luck. Bettors can’t rely on the past results to tell them the outcome of this bet as it really is random. However, predicting who might score first in a sports game is not the same. Punters can research the stats of players, team histories and current form to ensure that they make more informed bets with proposed results that are more likely to happen.
Advantages of Prop Betting
There are a few advantages associated with choosing to make prop bets. Some of the most popular include the following:
- There is a load of additional research that could help you make better bets available. (Just read the previous heading in our guide to get some tips.) You can look at how the player is performing, whether he or she is truly fit or just returning from injury as well as the player or team’s performance against their opponent. There is a load of different things to look at and base your judgment on, which could, in turn, help you make more successful bets.
- Another huge advantage is that many casual punters like to make prop bets. Due to this data for setting odds is often skewered. Casual bettors usually ten to bet over posted totals whereas the reality of the situation is something far below. Thus, there is usually some extra value to be found in these bets. You just need to look for opportunities to exploit this fact!
- Prop bets are a good option if you are unsure of what the end result of a contest will be, but are pretty convinced that a particular happening will take place in it. For example, you may be completely sure that Cristiano Ronaldo will score in vital UEFA Champion’s League knockout matches Juventus plays in as he has a knack for stepping up in important games.
Disadvantages of Prop Bets
There some disadvantages associated with making prop bets. Some such of the most important to take of include the following:
- Once punters get the hang of placing prop bets, it is easy to make successful wagers on a regular basis. That being said, it is also for this reason that some sportsbooks limit the number of these bets you can make. It is important to remember that online betting sites want to make money. If you keep on cleaning them out, there’s a good chance that they’re not going to want you to stick around for very long.
- If you’re inexperienced in the area, props can be some very difficult bets to get right. Earlier we stated that many punters tend to be overly generous in judging the capability of players. However, that doesn’t mean that adding some skepticism to your bet is going to result from it being successful. It may still be over. Or, potentially the odds could be reversed and you underestimate the potential of a player. Either way, you’re not winning until you get the formula right.
Check Out Our Other Sports Betting Guides
- Bankroll Management
- Betting for Fun Vs Profit
- Betting Odds
- Big Game Prop Bets
- Biggest Challenges in Betting
- Bracket Predictions Explained
- Comparing Odds and Line Shopping
- Finding Value in Betting Odds
- For and Against
- Line Betting
- Moneyline Vs Point Spreads
- Multi Bets
- Over Unders
- Puckline Betting
- Optimising Your Selection Process
- Teasers and Pleasers
- Understanding Odds