Sports betting 101: What is a point spread?

As legal online sports betting surges in popularity, more fans than ever care about a game’s point spread. A bet “against the spread” requires a team to win or lose by a specific amount. This pre-assigned number gives bettors a unique perspective on an upcoming matchup and a fresh way to absorb a game.

Let’s dive into the basics of point spread bets, including what they mean, where to find them and how they make bettors money.

What is a Point Spread?

A point spread is the expected margin of victory between two teams. Favorites must win by the designated amount, while underdogs must lose by less than that amount or win outright. This is known as covering the spread, an expression you’ll hear much more as you dive into online sports betting.

Point spreads are the ultimate equalizer for two teams competing head-to-head. Oddsmakers look at strengths, weaknesses, and other factors like home-field advantage and injuries and assign a number to reflect the projected point difference. A larger number means oddsmakers expect a wider margin of victory, while a small number suggests the opponents are more evenly matched.

Sportsbooks offer point spread bets as a way to gamble on a game without caring about the outright winner. Spreads also level the playing field so that betting on a 30-point favorite to win by 31+ points pays the same as taking the underdog to lose by 29 points or less.

How to Read a Point Spread

Here are the core betting markets for Ravens-Chiefs, the first game of the 2024 NFL season. The moneyline displays that team’s odds to win outright, while the over-under total focuses on combined points. However, we’re taking a closer look at how to analyze a point spread, arguably the most popular option for betting on NFL games and several other sports.

The “+3” and “-3” next to Baltimore and Kansas City mean the game’s spread is three points. The Chiefs are the betting favorite at -3, so they need to win by four points or more to cover the spread. Meanwhile, the underdog Ravens would cover if they lose by less than three points or win the game outright.

Favorites always get a minus (-) spread number, and underdogs receive a plus (+) number. One way to remember this is to pretend the spread was added or subtracted from a team’s point total. For example, the Chiefs would cover if you removed three points from their margin of victory, and they still came out ahead. Conversely, the Ravens would cover if three extra points would make them the winner.

Odds and Payouts on Point Spreads

Next, you’ll notice (-110) next to Baltimore and Kansas City’s spreads. These betting odds represent the juice associated with that spread. Most spread bets carry -110 odds to equalize the payouts. However, certain spreads possess shorter or longer odds, like -105 or -115.

For a traditional point spread with -110 odds, bettors must wager $110 to receive $100 in cash profit. A negative number shows how much money a customer must risk to win $100. For plus-money odds, the number represents the payout from a successful $100 bet (i.e., $100 on +105 odds nets $105 in winnings).

What is a Push?

Let’s say the Chiefs beat the Ravens 27-24, a margin of exactly three points. Bets on Kansas City -3 and Baltimore +3 would end in a “push,” the betting term for a tie. Customers won’t win cash, but they won’t lose it either. Instead, they’ll receive their stake back from the sportsbook as if nothing ever happened.

Sportsbooks often attach half-points to a spread to avoid a push. For example, the Patriots are +9.5 underdogs at the Bengals, not +9 or +10. A spread bet on New England still hits with a loss of nine or fewer points, while Cincinnati needs a 10+ point victory to cover the spread. Players can also buy a half-point in either direction on most sportsbooks.

Can Point Spreads Change?

Oddsmakers release a game’s point spread as soon as possible. Regular-season NFL and college football spreads are available a week or so before kickoff, while NBA, NHL and MLB spreads typically arrive a night or two before game time. However, today’s spreads can change based on injuries and public wagers.

Injury reports play a massive role in altering a point spread. If the Chiefs rule Patrick Mahomes out for Week 1, the spread will move in Baltimore’s direction, possibly even making the original underdogs the new betting favorites. Conversely, Lamar Jackson missing the game would make the Ravens a more significant underdog.

In addition, one side drawing an overwhelming majority of wagers or handle (% of money) could alter a game’s point spread. Oddsmakers set a line and hope for as close to a 50-50 split as possible. If one side of the spread attracts 70-80% of the action, it usually indicates that the line was mispriced and requires an adjustment.

Spread Betting in Different Sports

Every team sport or head-to-head matchup has its version of a spread bet. The basic point spread discussed today is primarily used for betting on the NFL, college football, NBA and college basketball. However, other sports have a different spin on the typical spread.

Baseball – Run Line

Instead of a point spread, baseball has a run line. An MLB run line is almost always fixed at 1.5 runs, so a margin of victory of two-plus runs for the favorite and a one-run loss for the underdog are considered covers. However, run line bets often carry lopsided odds. Although the Padres are betting favorites, oddsmakers might give them +176 odds to cover the -1.5 run line. Meanwhile, the underdog Marlins have -215 odds on their +1.5 run line.

Hockey – Puck Line

Puck lines are a staple of hockey markets. Like the run line in baseball, an NHL puck line is typically set at 1.5 goals. Puck line odds are also highly skewed, even more than an average MLB run line. Since it’s more difficult to win by two-plus goals in hockey than two-plus runs in baseball, a betting favorite like the Oilers can have +198 odds to cover a -1.5 puck line. Conversely, Stars +1.5 carries -245 odds, which hits after a win or a one-goal loss.

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