Prop Bets and Futures Betting

A prop or proposition bet is a wager with two or more outcomes that are not directly related to the final score of an event.

Example: How many yards Peyton Manning will throw in his next game? Less than 100; 101-150; 151-200; 201-250; 251-300 or 300+. Odds will be posted for each outcome.

Props are growing very quickly, but still make up just 1% or so of a typical book's business. The next step will likely be play-by-play betting in football and baseball, but because of the limited amount of time involved (for books to post lines, for bettors to select a bet and then to place their wager and confirm their bets), there is still some work to be done.

Betting on Futures

Futures are single wagers placed on the outcomes of events to be determined in the future.

Example: Who will win the World Series? Odds be posted for each major league team.

Many bettors do not believe they have enough of a bankroll to tie up their funds for months at a time betting futures, but those bets can be very profitable. For example, bettors who took the St. Louis Rams to win the Super Bowl at the start of the 1999 NFL season were getting them as high as 300/1.

If you think one particular team is going to have a really big year, have a look before the season and you might see some value there and choose to bet on that team, especially if they are not one of the favorites.

The lines on heavy favorites won't move much early in the season, so you can probably wait a little while to make sure you don't get stung with a big injury in the early weeks. You may even get lucky with a good team that struggles early and get some extra value when their odds to win rise.

Be careful betting hot teams early. Lots of people jump on the bandwagon and the odds can be driven way down.

The odds for futures bets depend almost entirely on action at the book in question, so the lines will vary widely. This means the key to winning a big payout with a futures bet is to shop around for the best lines.

Also, be sure to check your team's immediate schedule before betting. If they have three really tough games coming up that you think they might struggle with, you might want to hold off and see if you can get a higher price. However, if you think they are about to rattle off five straight wins, you will want to get your bet in ASAP.

Check back soon for the next edition of the "Bodog Guide to Sports Betting".