@oristarA,
I never heard of it. So I googled "prop bet" and got the following terminology:
It's short for proposition bet.
Quote:In most contexts, "proposition bet" denotes a bet made regarding the occurrence or non-occurrence during a game (usually a gambling game) of an event not directly affecting the game's final outcome.
http://en.m.wikipedia.org/wiki/Proposition_bet
Quote:Betting on which specific sub-outcomes occur during a game in which multiple sub-outcomes normally have the same value, for example:
Betting on the number of balls/strikes thrown by an American baseball pitcher, which is where the proposition bet was said to have originated.[2]
Betting on which team scores first in a match