Spread

The spread, short for point spread, is the margin by which the bookmaker expects the favourite to beat the underdog, expressed as a positive or negative number attached to each side. Betting the spread is not about who wins the game but about the margin: the favourite must win by more than the number to 'cover', while the underdog covers by losing by less than the number or winning outright. It is the dominant market in American football and basketball because it turns lopsided fixtures into a near 50/50 proposition. Worked example: Patriots -7 versus Jets +7. Backing the Patriots wins only if they win by 8 or more. If they win by exactly 7 the bet is a push and the stake is returned. If they win by 6, or lose, the Patriots fail to cover and a Jets +7 bet wins. So a team can comfortably win the match yet still lose you the bet — and vice versa, an underdog can lose the game but cover the spread. Spreads are typically priced around -110 on each side, meaning you risk 110 to win 100; that built-in margin is the vig. The common mistake is confusing the spread with the moneyline and assuming backing the favourite is safe because 'they'll win'. Winning is not enough — they must win by the required margin. Watch key numbers too: in American football, margins of 3 and 7 are the most common, so half a point either side of them carries outsized value. Compare with the moneyline, against-the-spread and buying points.