His failure as a teacher led to success as a prop betting entrepreneur

Posted on: September 13, 2022, 05:20h.

Last update on: September 13, 2022, 05:24h.

All Pete Smaluck wanted to do with his career was teach middle school math. But that humble ambition was turned into a pipe dream by the overabundance of teachers in his native Ontario, Canada, when he graduated – even though he had an undergraduate degree in statistics and a master’s degree in education.

So Smaluck, 38, has to settle for his fallback career – running a successful sports betting app company recently profiled by the Washington Post.

Pete Smaluck founder of props.cash
Pete Smaluck founded Props.cash, a software application that teaches bettors how to improve their odds. (Image: sportshandle.com)

After Smaluck couldn’t land his dream teaching job, he got a job creating interactive data applications for the Hamilton Spectator newspaper. He has also worked as an engineer for various start-ups, earning valuable software development chops. But neither of them satisfied his desire to teach math to children.

So he built software that did that instead. The program used NBA stats which made it more fun. A typical question might ask how many free throws LeBron James made if he shot 12 but only made 25%. (Answer: 3.) About 50 teachers have tested it and expressed their enthusiasm. But COVID had just hit, and they didn’t want to pay out of pocket for the software β€” and no school board Smaluck contacted.

Paris from accessories to accessories

Smaluck and his friends were avid fans of proposition (proposition) betting – placing bets on the outcome of sporting events other than winners, final scores, or point spreads. A prop bet can be placed on a football player’s total passing yards, whether a run will be scored in the first inning of a major league baseball game, or even the duration of the national anthem.

Over the past couple of years, prop betting has exploded in popularity as sportsbooks seeking to differentiate themselves invent new ways to invest in everything that might happen during a match. DraftKings recently reported that over 10% of the bets it now receives come from prop bets. Bets that were once only offered during the Super Bowl or World Series are now offered every day.

With a few modifications, Smaluck realized that its educational software could be designed to calculate numbers that help bettors decide which bets to place. His stunned friends suggested offering it as a paid online service.

Winning proposal

Today, 18 months later, Props.cash is a valuable industrial tool and a profitable business employing eight people. Thousands of subscribers pay Smaluck $19.99 per month or $199.99 per year for help with betting better. Props.cash uses color-coded graphs to represent advanced datasets in a simple and intuitive way, much like a math teacher would.

“I never really wanted to be in the play space,” Smaluck told the Job. β€œIt was not my ambition. My ambition has always been to teach mathematics. But it turns out the prop bettor is a math student. And having these basic tools helps them.

“I still teach basic math,” Smaluck said. “But it’s not for students.”