Poker legends Daniel Negreanu, Gus Hansen, Patrik Antonius, Doyle Brunson and Phil Ivey (left to right in picture) all headed to Bellagio last week for some high-stakes action. With ‘high-stakes action' we are not only referring to high stakes cash games but also proposition bets!
Although Daniel Negreanu won $50k in one of the sessions, he still ended up losing $436,000 on proposition bets! That's what we call high-stakes prop betting! Here's a selection from Negreanu's blog post on August 7, 2016, where he talks about the crazy prop bets!
"The simplest prop bet one could make would be betting on the flop being black or red. That's not the kind of props we play.
Everyone has a suit, and then picks 10 props. For example, you could have these 10:
Everyone has their own 10 props and any time one of your flops hit, that's wins you some money. If the flop came K82, you get a prop. If the flop came 5-5-8, you would get a prop also.
You also have suits, so if your A, K, or Q of your suit is in the middle of the flop, that's a prop.
We play Jacks too. If the Jack of your suit hits the flop its a prop as long as there is at least one more of your suit on the flop. If not, that's called a stiff Jack and it means you have to pay everyone else instead!
We even play 7's. If your 7 hits the flop in the middle that's $5k a man, if it hits on the side that's $2k.
If you hit a prop, you are on for doubles the next hand; meaning the value of all your props doubles. If you hit another one, you'd be on for triples the next hand.
The only skill in this form of gambling is paying attention and making sure you don't sleep one. If you sleep a prop, meaning you don't see it and verbalize it, you don't get paid. Say for example I was on for doubles and my 7 hit the middle which means I'd get $10k a man. If I say, "I see my 7," but don't add, "and I'm on for doubles," I would only get $5k a man.
This is essentially juice free gambling for degens and I must say, I really love it! The props typically play bigger than the actual poker game. I ended up playing until 4:30am and winning $50k in the poker game, but losing a whopping $436,000 playing props!"