Now that legal sports betting is becoming more accessible across the country, countless new bettors are attempting to learn the ropes. One of the most common and important bet types to know about is the point spread, which is a traditional way to place wagers on various sports.
In this article, we’ll discuss how to place point spread bets on any given game and how to find and read the best odds. We’ll also go over some key terms and provide an overview of the different ways that a point spread bet can settle. Most bettors rely on point spreads to some degree or another, so this simple and classic way to wager is a great place to start.
More on the Point Spread
- What Is a Point Spread Bet?
- Reading a Point Spread
- Point Spread Betting: Terms You Need to Know
- The Three Outcomes From a Point Spread Bet
- Alternate Point Spreads
- Point Spread FAQs
What Is a Point Spread Bet?
Simply put, a point spread is essentially a prediction made by the bookmaker of how many points will separate the winning and losing teams in a specific game or match. For instance, a spread of 6.5 points means that the favored team is projected to win by at least 6.5 points. It’s a great way for online sportsbooks to level the playing field in a game between mismatched teams that would not otherwise be worth betting on.
When you bet on the spread for the favorite, the team expected to win, you need them to win by more than the given number. When you bet on the underdog, the team expected to lose, you’ll win the bet if they win by any margin. Or, unlike a moneyline bet, you can win on a losing underdog as long as they lose by less than the point spread.
If you think two teams are more evenly matched than the sportsbook does, you should bet on the underdog. If you think that the projected margin is too short and that the favored team will run away with a comfortable win, they’re the ones you should put your money on.
How Do Half-Point Point Spreads Work?
You will often see a half-point in a point spread. This is done intentionally, so the final margin can’t land exactly on that number. In some cases, you will see whole-point spreads that may result in a “push” where the total score is exactly the predicted number, causing the sportsbook to refund both sides of the wager.
Examples of Point Spread Bets
Let’s take a look at a couple of examples. First, we’ll look at a hypothetical matchup between the Kansas City Chiefs and New England Patriots. We’ll say the spread is 6.5 points, a common number in NFL and college football, given that games often come down to a touchdown.
The Chiefs would be favorites in this one, so their spread would be -6.5. The Patriots would be underdogs, so their line would be expressed as +6.5. If the Chiefs win by at least 7, a bet on their side of the spread wins. If any other outcome happens – a shorter Chiefs win, any Patriots win, or even a tie – a Patriots bettor wins.
Let’s take a look at another example that has a spread of exactly six points. We’ll make this game between the Los Angeles Rams and the Indianapolis Colts with the Rams favored with a line of -6. If the Colts lose by less than 6 or win, they cover, and if the Rams win by more than 6, they cover. Let’s suppose the Rams win by a score of 26-20, a margin of exactly 6.
This outcome is what we call a “push,” an outcome in which both sides were neither right nor wrong. How does the sportsbook handle this? By calling it a wash. Sports betting apps refund both sides, meaning there’s no profit or loss for the favorite bettors, underdog bettors, or even the sportsbook itself.
Reading a Point Spread
As we’ve alluded to in the above examples, the plus sign (+) is attributed to the underdog’s side of the line, meaning that the spread is the margin by which they’re expected to lose. So, a team with a line of +5.5 is expected to lose by 5.5.
Conversely, the minus sign (-) is for the favorite’s side of the line, meaning that the spread is their expected margin of victory. So if a team has a line of -5.5, they’re expected to win by 5.5.
Point Spread Betting: Terms You Need to Know
There are a few terms you should know before you start point spread betting. We’ve briefly explained a few of them, but let’s dig into a devoted explanation of some of the key terms around point spread betting.
What’s a Favorite vs. an Underdog?
The two teams competing in a sporting event with a point spread other than 0 are categorized as the favorite and the underdog. The favorite is the team expected to win, presumably by a margin equal to the spread, while the underdog is who the sportsbook expects to lose.
If you bet on the favorite, you need them to win by more than the spread for the bet to win. If you bet on the underdog, you’re holding a winning bet if they lose by less than the spread or if they win outright by any margin.
What Is Vig? “Juice” Explained
The vig is the difference between the total implied probability from both sides in a spread bet and 100%. You might be confused as to why all the possible outcomes wouldn’t add up to 100%, because in theory, they should. However, sportsbooks will slightly manipulate the odds to give themselves a better shot at a profit.
Most spread bets will have odds of -110 on both sides. That means the implied probability is 52.38% on each side, meaning a total probability of 104.76%. That’s obviously impossible, but getting bettors to play with odds that are artificially short means that even if there’s the exact same number of bets on each side, the sportsbook will come out with some margin of profit.
The vig is unfortunate in a lot of ways from a bettor’s perspective, but there’s no way to fully avoid it. The one thing to keep in mind is that the vig won’t always be the same at every sportsbook. While it’s often at 20 cents, or -110, for each side as in the above example, it can commonly be as high as 30 cents, or -115 for both sides, for a total implied probability of nearly 109%.
Just be on the lookout for irregularly large vigs as you look between sportsbooks that have different point spreads to make sure you’re always getting the most favorable point spread odds possible.
The Three Outcomes From a Point Spread Bet
When you bet on a point spread, one of three different things can happen; the favorite covers, the underdog covers, or in rare cases, a push occurs. What does each of these mean? Let’s take a look.
The Favorite Covers
Let’s say the Boston Celtics are favored by a line of -3.5 against the Los Angeles Lakers. If they win by four or more points, they cover the spread. If anything else happens, the Lakers cover. It can be tough for favorites to cover as they not only need to win but they also need to win in a comfortable fashion by pulling ahead by enough points.
The Underdog Covers
Now, let’s say that Duke basketball is favored by a line of -2.5 against North Carolina. If North Carolina won outright, they would certainly cover. If Duke won by one or two points, North Carolina would still cover. This is because the underdog does not have to win the game outright to cover a spread; they just have to lose by less than the spread, although a win works nicely, too.
Push
This outcome is only possible if the point spread is a full number rather than a half-point. Let’s use an example where the spread is exactly three points; -3 for the favorite and +3 for the underdog. In this hypothetical, we’ll have the favorite win by exactly 3, the margin of the spread.
In this situation, all bets become “void.” No outcome results since both sides did not cover, meaning you would receive a refund for a bet on either team. Since you’d get your stake back and incur no profit or loss, it’s a no harm, no foul type of situation.
Alternate Point Spreads
As you dive deeper into sports betting, especially on major sports, alternate lines are definitely something you’ll run into. How do these relate to point spread betting action?
An alternate spread is simply a number different from the standard one being offered. For instance, if the universal line is at -3.5 for the favorite, you could get them at an alternate spread of -2.5 for a bit more safety or -6.5 if you’re even more confident in them. Of course, a safer spread will result in a lower payout than the standard line, while a more aggressive bet will be more heavily rewarded if you win.
Essentially, an alternate spread is a great choice for two situations. The situation we discussed above is a key one; getting a spread below a key number, like that three-point threshold, since field goals make that one extra point on the spread such a big deal in football. Your betting odds would be shorter, but you’d be more likely to win.
Conversely, if the universal line is set at a number like -6.5, and you think that’s a bit light for the favorite and they can do better, getting an alternate line of -7.5 would give you a bit more risk but a shot at a higher payout.
Point Spread FAQs
While we hope that the sections above have provided you with plenty of helpful information regarding point spreads, we recognize that you might have some more questions about point spread bets.
Below, we’ve compiled some of the most frequently asked questions about point spread betting and answered them for your convenience:
What is a point spread bet?
A point spread wager starts with a predicted margin of victory between two teams in any sporting event; the bet is a prediction from the bettor as to whether or not the team will win by more or less than that amount.
Is point spread betting the most common bet type?
It’s hard to say whether it’s the number one most common bet type, but point spread bets are one of the most traditional ways to place wagers with sportsbooks.
What are some of the other most common bet types in sports betting?
In addition to point spreads, moneylines and totals are probably the simplest and most common types of bets. Parlays are a bit more complicated but also extremely common.
What does cover the spread mean?
For a favorite, covering means winning by more than the spread. For an underdog, covering means losing by less than the spread or winning outright by any margin. If your team covers the spread, your bet wins, so knowing when this happens or doesn’t happen is absolutely vital in terms of point spread betting.