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The Evolution of Proposition Bets: From Super Bowl Wagers to Modern Prediction Markets

The Evolution of Proposition Bets: From Super Bowl Wagers to Modern Prediction Markets

Author:

Global Cryptocurrency

Published:

2025-12-04 23:21:02

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Michael Lewis traces the origins of ubiquitous betting markets to a 1985 wager on William "Refrigerator" Perry scoring a Super Bowl touchdown. Caesars Palace's 20-1 odds—resulting in a $250,000 loss—unwittingly birthed the proposition bet, now a cornerstone of prediction markets. The publicity payoff outweighed the financial hit, as bookmakers soon fielded calls from coast to coast.

Today's markets eclipse traditional sports betting, with prop wagers on coin tosses, commercials, and cultural moments outpacing action on game outcomes. What began as a novelty—a 300-pound defensive lineman plunging into the end zone—has metastasized into a global industry where anything measurable carries odds.

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