Associated Press reported that the Super Bowl attracts a substantial amount of casual bettors compared to other sports events in the US, and the availability of various proposition bets highlights the game’s widespread appeal beyond just professional gamblers and fervent fans.
The First Prop Bet Was Placed in 1986
The highly anticipated Super Bowl between the Kansas City Chiefs and the Philadelphia Eagles will take place on February 12 at State Farm Stadium in Glendale, Arizona. This marks the first time the championship will be hosted in a stadium equipped with a sportsbook.
With the rise in popularity of prop bets, sportsbooks have seized the opportunity to offer a diverse range of wagers, including the possibility of a safety and a comparison of the points scored by the Chiefs or Eagles against those scored by LeBron James or Steph Curry during their respective games the day prior to the big event.
Prop betting, also known as proposition betting, is a type of wager that is made on specific events or outcomes within a sporting event, rather than the overall outcome of the game. Prop bets can range from individual player statistics, such as the number of passing yards or touchdowns by a quarterback, to more unconventional outcomes.
The historical moment of the first recorded prop bet is attributed to Caesars, who boldly predicted a touchdown from Chicago Bear’s William “the Refrigerator” Perry – a defensive lineman doubling as a goal-line runner – in the 1986 Super Bowl. The initial odds of 20-1 for Perry’s scoring feat rapidly dropped to 2-1 as game time approached. And sure enough, Perry fulfilled the bettors’ hopes by crossing the end zone in the latter stages of the third quarter.
A Diverse Selection of Prop Bets Will Be Available for the Upcoming Super Bowl
As the upcoming week brings the availability of various prop bets, Caesars Sportsbook has already set the pace with its extensive menu of 2,000 options. One of the intriguing offerings is the prediction of the first turnover of the game – either an interception or fumble.
A wager on an interception carries a minus-170 payout, meaning a bet of $170 would yield $100 in return. On the other hand, a bet on a fumble boasts a lucrative plus-140 payout, whereas a $100 bet could result in $140 in winnings.
BetMGM’s Vice President of Trading, Jason Scott, anticipates the release of around 700 to 800 prop bets across their 20 state properties and the nation’s capital by next week. Meanwhile, Jeff Benson, the Operations Manager at Circa Sports, has mentioned that their sportsbook’s prop bet booklet will run 12 to 13 pages, front and back.
It’s believed that prop bets will make up six or seven times the volume of conventional Super Bowl wagers.