Source: Pexels
Prop betting has seen a sharp rise in popularity over recent years. But, what is it, what new elements does it bring, and how is it indicative of an overall market expansion? Let’s take a look.
Expanding Betting Landscape
Traditionally, betting involves guessing the outcome of an activity, event, or game, and placing a wager on the favoured outcome. For example, in roulette each player places their bets on a number between 0 and 36, a group of numbers, or whether the number will be red or black, odd or even, or high or low. A croupier then spins the roulette wheel, where a ball will eventually land in one of the numbered pockets. This game is played in real time, with online roulette games being live-streamed from a classic roulette table. Similarly, players from overseas can bet on the Irish lottery by guessing what numbers will come up, rather than choosing numbers and playing along.
However, betting markets have continued to expand in recent years, making for some interesting and unique betting experiences. People who keenly follow politics can now bet on things like general elections. In fact, betting on the 2024 UK election caused controversy as up to 15 members of the Conservative Party placed bets on the outcome of the general election after being privy to the results of initial polls. And, if politics isn’t your thing, TV lovers can bet on their favourite reality and competition shows such as Strictly Come Dancing and I’m A Celebrity Get Me Out Of Here.
Rise of Prop Betting
Within the context of the expanding betting market, sports betting has seen a comparable transition. Traditionally, sports betting involves placing a wager on the outcome of a game – be it football, rugby, cricket, basketball, and so on. Whilst this is still a popular way to bet on sports, proposition betting is seeing a rise in popularity. Put simply, proposition bets, or prop bets, allow people to place wagers on a variety of different aspects of sporting events which don’t necessarily make a difference to its outcome.
For example, bettors might wager whether the initial coin toss for the kick off lands on heads or tails. For international matches, they may guess how long the national anthems might be. These bets can also get more deep into the statistics of players and teams. Looking at football, this can mean wagers like who will be the top scorer, which team will score first, how many goals will be scored, or which will be the highest scoring half.
Why The Rise?
As prop betting allows bettors to look at individual players and athletes, and statistics of different teams in more depth, this provides more opportunities for personalisation. For example, Lionel Messi is the favourite football player of us Brits, so prop bets allow Messi fans to bet on his performance without necessarily following Inter Miami’s season or Major League Soccer.
Prop bets also boost the entertainment value of sports betting, as they encourage people to stay engaged throughout an event even if the outcome is clear from the get-go. In addition, they can be combined with traditional sports betting and a variety of different prop bets as part of an accumulator, adding a new dynamic to the sports betting market.
As you can see, the rise in prop betting is part of a wider expansion for the betting market, with ever-increasing diversification. Prop betting provides sports enthusiasts with more dynamic, engaging, and personalised opportunities, changing the landscape of sports betting.
