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!
Best Sportsbooks for Odds
Different Odds Formats
Betting odds explained in the simplest way possible in our guide here:
Understanding Decimal Odds:
Decimal Odds are popular in Australia, Europe, and Canada. The decimal system is the easiest to understand and many bookmakers offer the option of showing their odds in this format.
For example:
- Aussies can bet on the West Coast Eagles who have decimal odds of 3.00.
- A bettor makes a $100 bet on the Dallas Cowboys.
- (3.00 x 100 = $300) this means you payout will be $300.
Sounds simple enough? Then, try out the calculations on your own by checking the odds displayed on our betting sites.
Understanding Fractional Odds:
Fractional Odds are used in the UK and mostly used for horse racing. These odds are sometimes referred to as traditional or British odds.
For example:
- Players can wager on Bournemouth vs Liverpool in the English League.
- If Bournemouth’s odds are 3/1, then stake 3 if you are behind Bournemouth.
- A $20 wager yields a winning of $100 (20×5 =100).
- Players receive their $20 back.
- The payout is $120.
Understanding American Odds:
American Odds are relevant in the United States. These odds for wagering on a favourite work by displaying the stake punters should risk to win $100.
For example:
- Players make a bet on the Collingwood to win the match.
- Making a $100 wager on the team means your return will be $100 winnings.
- Player will get their initial $110 bet.
- Your payout will be $210.
Odds Selection
Understanding odds is imperative when players want to make a wager or convert it to the system they know. Making wagers on odds that you don’t understand will lead to money loss. You really don’t want to make that mistake with your money. If a player hasn’t taken the time to go through the finer details of what odds mean they can make a mistake. They might make a bet on a game with odds of -200, it can seem as the wrong choice because of the negative sign.
In actual fact, this means 1.50 in the decimal system, ½ on fraction, means a team has a 66.7 chance of winning. Sports wagering sites are your best friend when it comes to making a wager based on odds.
Betting Odds Frequently Asked Questions
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 past result 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 make more informed bets with proposed results that are more likely to happen.
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
- Glossary
- Line Betting
- Moneyline
- Moneyline Vs Point Spreads
- Multi Bets
- Over Unders
- Props
- Puckline Betting
- Optimising Your Selection Process
- Teasers and Pleasers