Point Spread
A handicap oddsmakers apply to even out the contest between the favorite and the underdog.
A point spread is a figure set by oddsmakers to express the anticipated margin of victory separating two teams. The favorite carries a negative spread (say, -6.5), which means they must win by more than that number for a spread bet on them to pay. The underdog is handed a positive spread (say, +6.5), which means they may lose by fewer than that many points – or win outright – and still cover.
The spread exists to make both sides of a contest a roughly even wagering proposition. Absent a spread, badly mismatched games would funnel nearly all the action onto one side. By handicapping the favorite, sportsbooks promote balanced betting and manage their exposure more capably. Spread bets are generally offered near -110 on each side, so you stake $110 to win $100 whichever team you back.
Example
In an NFL game, the Kansas City Chiefs are favored at -7.5 against the Denver Broncos at +7.5. Back the Chiefs at -7.5 and they must win by 8 or more for your wager to succeed. A Chiefs win by exactly 7 points would mean the Broncos covered. Back the Broncos at +7.5 and they can lose by as many as 7 points with your bet still winning. A Broncos win outright would cover as well.
Had you staked $110 on the Chiefs at -110 odds and they won 31-20 (an 11-point margin), you would collect $100 in profit along with your $110 stake returned.
Key Points
- Half-point spreads eliminate ties: Spreads ending in .5 (such as -3.5 or +6.5) guarantee a winner and a loser on the spread bet, ruling out any push.
- Key numbers matter in football: In the NFL, margins of 3 and 7 recur most often because they map to a field goal and a touchdown. Spreads on or near these figures carry extra weight.
- Odds adjust with the spread: While -110 on both sides is the norm, the price attached to a spread can drift to -105 or -115 as the book balances action without nudging the spread number itself.
- Available across many sports: Point spreads are most popular in football and basketball but also appear in baseball (as a run line) and hockey (as a puck line).