When it comes to sports betting, exotic bets are one of the most popular, and lucrative wager types. For this tutorial, we will be talking about exotic bets in a sportsbook, not to be confused with exotic bets in horse racing. That is a totally different ball game that we will walk you through in the future. Today, we will explain what these bets are, and why exotic bets are important for a sportsbook.
Now, the best sportsbook pay per head providers allow their bookies to have hundreds of betting options at any given time. Although most players look for the common types of bets, such as the moneyline, totals, and over/under, you should also consider exotic bets. These bets are more exciting for your players as there is more challenge to win these wagers. The potential rewards are better as well. And when it comes to higher-risk bets, its your job as a bookie to understand these wagers and manage them well. If you do everything properly, you can earn a lot from offering exotic bets in your sportsbook.
When you start a sportsbook using sports betting solutions, you can personalize your operations. You can base the offerings on the players’ betting requirements. However, a bookie needs to know all types of wagers. And your exotic bets will be available, covering multiple events, leagues, and sports. Let’s go over what an exotic bet is first.
What is an Exotic Bet
Exotic/prop bets are wagers on specific events or outcomes within a game that don’t directly relate to the final score or winner. They often focus on individual player performances, specific game events, or unusual occurrences. When it comes to player performance props, bettors can bet on things like whether a player will go over/under their projected total points, yards, or assists. You might bet on whether a specific player will score first or achieve a particular statistical milestone, like a double-double in basketball.
Game event props focus on specific occurrences during the game. This includes betting on which team will score first, whether the game will go to overtime, the total number of three-pointers made, or even the number of turnovers that will occur. Yes/No props are straightforward wagers on whether something specific will happen during a game. Examples include betting on whether there will be a safety in a football game, if any player will hit a grand slam in baseball, or if a fight will break out during a hockey game.
Cross-sport props become especially popular during major events like the Super Bowl. These creative bets might compare statistics across different sports, like wagering on whether a basketball player’s points will exceed a hockey player’s saves, or comparing total goals in a soccer match to touchdowns in a football game.
These bets typically offer higher payouts than traditional bets because they’re more specific and harder to predict. However, they also usually have higher house edges compared to standard game outcome bets. The rise of mobile betting apps and live betting options has made these exotic bets increasingly popular among sports bettors. And as bookies, you can also easily offer this to your players with the right sportsbook software solutions.
Importance of Exotic Bets for Bookies
New bookies usually ignore exotics. They want to keep their lines simple by offering the basic types of betting options. However, they are losing some opportunities to earn more through exotic bets. But once you learn why exotic bets are important to your sportsbook, you will appreciate what you can gain from offering these wagers.
According to sportsbook pay per head reviews, prop bets are available at different sports leagues and events. Thus, a bookie has a lot of opportunities to earn from these events. Remember that the more betting options your players have, the higher the chances that they will place more wagers.
Also, the results of exotics depend on luck and other factors that are difficult to consider. However, casual sports fans love betting on props and futures when it comes to significant events, such as the NBA Finals, Super Bowl, or a championship boxing match. In addition, exotic bets on the US presidential race, TV shows, or gender of a celebrity’s soon-to-be-born kids are popular among bettors. Casual bettors tend to place wagers of personal preference, which gives bookies a higher chance of earning from exotic bets from these players.
As you can see, exotics, or prop bets, opens a whole new realm of possibilities for players to bet on. Another reason for the importance of exotic bets for bookies, is that it becomes a large income stream for your sportsbook. If you play it right, you’ll get a lot of action on exotics when there’s a major sports event. Also, some sportsbook software solutions allow players to make prop bets. That’s one way to engage your players and make them wager on exotics more.
Exotic Bets are Important, But How Do You Offer it in Your Sportsbook?
When you use a pay per head software, you already have the sports betting odds available in your sportsbook. That means you have no need to hire oddsmakers or build a sportsbook with exotic bets from scratch. All you need to do is wait until your players see the options available and place bets on it.
Of course, you can always nudge your players in the right direction. You can create ads promoting exotic bets to increase visibility. Another effective strategy is to offer a promotion for your exotics or prop bets. You can give out bonuses specific to exotics to encourage your players to place wagers. Your bookie software will have the tools to help you see your players’ activity. Use that to see which players are into prop betting, and which ones could use some encouragement.
