Bets with a point spread are common and are commonly referred to as “straight bets.” To win a point spread bet, you must correctly predict the victor of a future game or contest. The goal of the point spread is to fairly balance the betting on favorites and underdogs.
One team is always favored over the other in each given encounter. Every sports bettor in the world could make a ton of money from sportsbooks if there was no point spread in play and they could just bet on the favorite every time.
Betting with a point spread takes this into consideration by mandating a particular margin of victory for the favored team. In contrast, a losing margin of X points or less is still deemed a victory by the bookmaker for the underdog club.
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Case Study: Betting the Point Spread
Assume you wish to place a wager on a forthcoming NFL game. The Chiefs of Kansas City will take on the Broncos of Denver in this matchup. The Chiefs have been doing exceptionally well this season, and as a result, they are heavily favored to win this game. Since the Broncos’ recent performance has been subpar, they are the underdog.
After reviewing the match, the bookmaker sets the following point spreads for wagers:
The Chiefs are 6.5-point underdogs (-110).
6.5 Points for Denver (-110).
There are a few moving parts to this wager, so let’s take them in order. The Chiefs are favored by 6.5 points, hence the -6.5 spread. That’s 6.5 points that they’re “giving” the Broncos. In this situation, the Chiefs need at least a seven-point victory to claim victory.
Since they are the underdogs, the Denver Broncos are “getting” 6.5 points. If you wager on the Broncos and they win or lose by fewer than seven points, you will collect your winnings.
The game will never end up with exactly 0.5 because of the half point. However, in some betting establishments, half points are not used. If the final score is exactly the same as the point spread, the game is termed a tie. There is no monetary gain or loss.
Each team’s -110 odds indicate a $1.10 investment is required for every $1.00 in possible payouts. If you stake $110 on the game and win, for instance, you’ll get paid out $100. The sportsbook gets its money off of the small amount of money you have to stake.
The Purpose of Point Spreads in Sportsbooks
Point spreads are used by sportsbooks to ensure parity in the amount of money wagered on either side of a game. If a sportsbook is doing well, money is being wagered on both Team A and Team B at equal rates. The point spread is adjusted by the sportsbook so that winning the wager is approximately 50/50 for both teams.
This ensures that bookmakers make money regardless of the final score. When there is equal action on both sides of a bet, the sportsbook can settle the winning bets by taking money from the losing ones. The sportsbook will make money regardless of the outcome because to the minuscule -110 spread.
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