Spread Betting: What is a Point Spread Bet?
When it comes to sports and sporting events, point spread betting is the most popular wager. This guide will help you to better understand betting against the spread, how to read point spreads, what sports spread outcomes are, and teach you the basics of how to make a point spread bet.
What is a point spread?
The goal of any point spread is to level the playing field between the two teams via a numerical handicap that either adds or decreases value of the superior or inferior team. If, on paper, Team A is more talented than Team B, Team A will be the point spread favorite and Team B will be the point spread underdog. This means Team A will be giving, or laying, points to the underdog, while Team B will be receiving, or taking, the points, which will added to their final score.
The Favorite
The favorite in a point spread bet will look something like this:
| Matchup | Point Spread |
|---|---|
| Dolphins | +6.5 |
| Chiefs | -6.5 |
Kansas City is favored by 6.5 points over the Dolphins and need to win by 7-or-more points for the wager to win.
The Underdog
The underdog in a point spread bet will looking something like this:
| Matchup | Point Spread |
|---|---|
| Steelers | +4.5 |
| Browns | -4.5 |
Pittsburgh is 4.5-point underdogs to the Browns and must lose by 4-points-or-fewer OR win the game outright for the beth to cash.
The Hook
The hook in point spread betting refers to the 1/2 point after the decimal and avoids the chance of a push or point spread bet tie. So, if the Chargers are 5.5-point favorites, the 0.5 is referred to as the hook because they must win by six to cover the hook.
PK / Pick’em
It doesn’t happen that often, but sometimes two teams are so evenly matched a point spread doesn’t exist and oddsmakers create a quasi-second moneyline via the pick’em, PK option. In those cases, a team doesn’t need to cover a point spread, they just have to win outright.
Point Spread Betting Outcomes
Win
Another way of saying 'winning a spread bet' is 'covering the spread.' When you win a point spread bet, your team either wins by a certain number of points, loses by a certain number of points or the underdog you backed wins outright.
Loss
The easiest way to explain a point spread loss is with a real-world example:
Say, the Giants are -5.5 favorites over the Jaguars.
New York wins 25-20. You subtract 5.5 points from 25 to get 19.5. Because Jacksonville scored 20 compared to 19.5, the Jaguars and not the Giants covered the spread and your bet is a loss.
Push
Remember when we defined 'the hook' in the section above? When a point spread is a whole number like -4 or +7, your bet has a chance to push. This means the final score is the exact difference of the spread. Case in point, if the Patriots are 3-point favorites over the Bills and New England wins 27-24, that’s a push because when you add or subtract three to the favorite and underdog, respectively, the score becomes 27-27 or 24-24.
What is Spread Betting Vig and Juice?
Simply stated the vig, vigorish or, in slang terms, juice is the baked-in tax/fee you pay the sportsbook for accepting your wager. How this works is simple. Let’s say the vig is (-110), if you wager $100 on a bet and it wins, you don’t win $100, you win $90.91. In order to win $100, you’d have to wager $110 on (-110) vig.
Live Betting Point Spreads
Live sports betting point spreads is a great option if you don’t have strong lean before the game starts. If you notice something about either team after opening kickoff, the best online sportsbooks offer live betting point spreads throughout the game. So, say a below-average NFL team like the Jaguars jump out to a 7-0 lead against the Titans and Tennessee is now favored by fewer points, live betting allows you to place a wager on the losing team – with a more favorable point spread compared to pre-game- if you think they’ll come back to beat Jacksonville. These live betting odds also apply to moneyline and point total bets. Odds update in real-time.
How Much Do I Win Spread Betting?
Minus Money
When it comes to sports betting odds, minus money is when a team is favored and/or an outcome is more than likely to occur.
For example, the Chiefs -3.5 (-110), you’d need to risk $110 if you wanted to win $100. If Kansas City won by 4-or-more points, the bet wins.
Plus Money
Referred to more often in moneyline wagers, there are instances when plus money odds can be enjoyed on a spread bet.
For example, the Bills +3.5 (+105), you’d risk $100 to win $105 rather than (-105) requiring you risk $105 to win $100.
Cash Out
After your minus-money or plus-money wager hits, head to the online sportsbook cashier to request a payout or start building your bankroll and start researching your next point spread bet.
Factors Determining Point Spreads
When bookmakers set a point spread, they aren’t just tossing random numbers up on the board. They apply a calculated formula with varying factors impacting the favorites and the underdogs.
Home and Away
Home field advantage does play a small factor in determining the point spread. A good rule of thumb is that Vegas oddsmakers believe home field is worth approximately +2.8 points to the spread. This is typically rounded up to three (+3). So, when you see a home team favored by 3 points (i.e. -3), bookmakers continue the two teams evenly matched. This edge is 3-4 points when applied to NBA spreads.
Injury Report
One of the worst injury designations a star player can receive in the lead-up to a sporting event is “questionable” because the line won’t budge until we know if the athlete is active or inactive. Even then, at times, the player’s injury is already baked into the active spread and it doesn’t move after news breaks. Point spreads obviously move more when a quarterback or leading scorer on an NBA roster is out due to injury, but don’t dismiss the loss of a key offensive lineman or defensive back. These injuries might not sway the spread, but they can give you an edge on the available line.
Quality of Team Roster
It’s not uncommon to see a double-digit point spread during any given week of the NFL regular season. Just like in other sports, like MLB, NBA and NHL, some rosters are loaded and some rosters are rebuilding. The quality of the players taking the field, court or ice are without question going to impact the point spread. This is why when the Packers send Aaron Rodgers out to start and he’s facing the Vikings second-string quarterback due to injury, Green Bay’s point spread is going to soar above double-digits. Minnesota’s downgrade at a key position sullies the quality of the team roster and thus impacts the point spread from, say, Vikings +4 to Vikings +12.
Point Spread Betting on the MLB and NHL
Unlike in NFL betting and NBA betting, where points are accumulated, betting the spread in baseball and hockey is obviously different as runs and goals scored are counted. New sports bettors will notice that MLB spreads are referred to as run lines and NHL spreads are known as the puck line. They should be read as you would point spreads.
For example, a baseball game with a run line of -1.5 / +1.5 means the favorite needs to win by more 2-or-more runs or the underdog needs to lose by one run or win the game outright. A puck line of -1.5 / +1.5 in a hockey matchup means the favorite needs to win by 2-or-more goals or the underdog needs to lose by one goal or heads to an overtime shootout.
Because run totals and goal totals are typically way lower than NFL and NBA over-under point totals, bettors typically avoid run and puck lines in favor of the respective sports moneyline odds.
Moneylines vs Point Spreads
As in anything related to sports betting, there are pros and cons to point spread wagers compared to say a moneyline or point total. Here’s a quick-hit breakdown of the pros and cons to
Pros
- Higher $$$ return
- Keeps any game entertaining
- Showcases sports knowledge
Cons
- Not as easy as moneylines, point total bets
- Need to get more than 52% right to break even with juice
- Line shopping takes time
Point Spread Betting FAQs
What is a point spread?
In sports betting, a point spread refers to the margin a team needs to win by or lose by to “cover the spread” and is also sometimes referred to as a team’s handicap. For example: The Browns are 3.5-point favorites and the Steelers are 3.5-point underdogs. The point spread is 3.5 points.
How do I read a point spread?
Reading a point spread is quite easy because you’re either adding or subtracting points to the team’s actual total. For example, if the point spread is Eagles -3.5, you’ll subtract 3.5 points from their actual total at the end of the game. If Philadelphia’s still leading after the subtraction, you’ve covered the spread and bet wins. If the point spread is Cowboys +3.5, you add 3.5 points to the Dallas total at the end of the game. If the Cowboys are leading after the addition, they’ve covered the spread and wager wins.
What does point spread “juice” mean?
The vig or vigorish is the official term for “juice,” which can be viewed as a tax the online sportsbook chargers for accepting your bet. The most common vig is around (-110), which means you must wager $110 if you want to win $100. Sports odds are based on a $100 wager, but you do NOT have to wager $100 each time. If you risk $50 and the juice is (-110), you’d win $45.45 if the bet cashes.
What is the hook in spread betting?
The hook is the half-point which swings a bet in spread betting, regardless of the whole number used. The hook on a -5.5 bet is the .5 portion. This makes pushes impossible, but it also presents challenges for bookmakers and bettors alike. In football, certain winning scores are more likely than others. Teams tend to win by 3 points or 7 points. Thus, a hook used on 2.5 or 3.5 presents bettors with a challenge, just as a hook on a 6.5 or 7.5 point spread does.
Can sports point spreads change?
Yes, point spreads change all the time in the lead up to a sporting event. Roster changes like injuries can swing a spread several points in either direction, while heavy action (numerous bets) on one side of the point spread may force the bookmaker to adjust the line up or down.
Why do point spreads change?
Many factors go into a point spread, including player news, recent game results, where the game is played, weather announcements, and injury news. Once a line is set, the point in sports spread betting often changes. The factors listed below could affect the point spread, but betting action is the main reason.
- Betting Action: Sportsbooks set a line hoping that half of the spread betting action goes to one side of the bet and half goes to the other side. If this happens, the sportsbook collects the vig and profits are assured. If a lot of action happens on one side of the bet, then the bookmaker moves the spread to encourage betting on the other side.
- Injury News: Important injury news also can change the line. In the NFL, if a quarterback gets injured during the week (or news emerges of an injury), then the point spread might change. Other key players might affect the spread, as well. In some cases, sportsbooks stop taking bets if an important player is declared “Out”.
- Weather News: Snow storms, torrential rain, and high winds can affect point spreads. The weather might affect one team more than another because of play style (passing team vs running team). As a rule, the weather tends to affect over/under betting a bit more than point spreads.
- Game Site: Home field advantage generally gives a team a +3 boost in NFL betting but this is a part of the original point spread. Game sites don’t change midweek that often, but a game between the Buffalo Bills and Cleveland Browns was moved to Detroit in the 2022 NFL season because of the weather.
- Player News: If a key player breaks team rules and is suspended for a game, that can change the point spread. The same can happen if the league office suspends a player for a game. Again, the player must be pivotal to the team’s success.
Is it hard to cover the spread?
Bookmakers are quite skilled at creating accurate point spreads. So, it’s not easy to cover the spread and that’s why odds are better on ATS betting compared to moneyline wagers where you simply have to pick a winner. Even so, point spread wagers are the most popular sports bet type in the NFL, college football and basketball.
