Prop is short for proposition, meaning a bet on a specific event or statistic within a game rather than the final result.
Player and team prop bets are bets on a specific player or team performance during an event.
For example:
Player prop - whether a player will score a goal, make an assist, or record over/under a certain number of shots.
Team prop - whether a team will score over/under a certain number of goals or points.
The available prop bets depend on the sport, event, and market.