1. A
wager on the outcome of an event not normally
gambled on
2. A wager with someone that he/she will/won't do some task
3. A side bet during a poker game, i.e. a wager outside the normal
betting process of the game.
Poker pro Ted
Forrest once won a $7,000 prop bet that he couldn't run a
marathon on a 115-degree day in
Las Vegas.