The conservative estimate here is that by the end of 2018 eight or nine states will have licensed sportsbooks allowing full-fledged sports betting (straight wagers, parlays, futures and more) at. A betting line is a form of betting whereby the bookmaker handicaps a team/player to effectively make the contest 50/50. This handicap is set by creating a margin (line) between the two teams, in a contest where there are only two outcomes possible. An Example of How Betting Lines Work. In Summary: Betting Odds Explained. Betting odds represent the probability of an outcome occurring and the return (profit) you will receive if your bet is a winner. It could be the likelihood of all of your final four betting picks being correct. The probability represented by betting odds is often referred to as the ‘implied probability’. A point spread in sports is a way for oddsmakers to make a matchup between two unbalanced teams more balanced by giving points to or taking points away from each team.

Point spread betting is the most popular form of sports betting. The vast majority of sports wagers use a point spread thanks to the popularity of football and basketball. Even though this type of betting is so popular, it may take awhile to understand.

The point spread is sometimes known as an equalizer for sportsbook operators. All teams aren’t created equally, so sportsbooks can create a point spread for a game so that each team playing has an almost even chance of winning the game. In a way, the point spread will even the field for both teams.

Sports betting is placing a wager on the results of a sporting event. This could include NFL games, college football, NBA games, and more. But it’s more than just predicting the score. Sports betting gets into statistics, probability, education - the list goes on!

The point spread gives a reason for bettors to risk money on both teams. The better team playing in the game is considered favorite. They have to win by the point spread offered by the sportsbook. The favorite in a game is listed as being minus (-) the point spread.

The worse of the teams playing in the game is called the underdog. The bettor wins if this team wins the game outright or loses by an amount smaller than the point spread. The underdog in a game is listed as being plus (+) the point spread.

Let’s use the upcoming Super Bowl between the Kansas City Chiefs and Tampa Bay Buccaneers as an example.

Using this example, the Chiefs opened as 3-point favorites over the Buccaneers (currently Chiefs ). The Chiefs need to win by 4 or more points to cover the spread.

Likewise, the Buccaneers opened as 3-point underdogs. That means the Buccaneers would need to win the game outright or not lose the contest by 4 points or more. If the line is Chiefs -3 and they win by exactly 3 points, the betting result is a “push” and bettors for both sides would get their wagers refunded.

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Point spread betting odds

Point spreads are usually set with -110 odds, but pricing often fluctuates at online sportsbooks. This is the sportsbook operators’ house edge. The odds guarantee the sportsbook operator will see a little money over time. When the odds are set at -110, the bettor must wager $110 to win $100 (or $11 to win $10).

The odds on a point spread are most commonly known as the vigorish or “vig” for the sportsbook. You might hear this small profit margin for the sportsbook called the “juice” by some sports bettors.

Point spread FAQs

What does ‘pick em’ or ‘pick’ mean in NFL betting?

A “pick em” (sometimes seen as “pick”) is when the teams have a point spread of zero, meaning neither team is favored. In this instance, you’re essentially picking moneyline and your bet will be determined on the winner alone.

What does -7 and +7 mean in NFL betting?

A spread of minus-seven (-7) means that a is favored to win the game by a touchdown (technically, a touchdown and the extra point). A team favored by -7 must win the game by eight or more points to win the bet. If the team wins by seven, the result is a “push” and the bet is refunded.

A spread of +7 means the team must win the game or lose by fewer than seven points to win the bet. A loss by seven would result in a push.

What does -3 and +3 mean in NFL betting?

A -3 spread means that the favorite must win by more than a field goal to win the wager. A three-point win would result in a push and the sportsbook would refund the wager.

A spread of +3 means the team listed as the underdog must win the game or lose by fewer than three points to cash the bet. A three-point loss would be graded as a push by the sportsbook and the bet would be refunded.

Why are point spreads in the NFL so much lower than in college?

In 2019, the Baltimore Ravens led the NFL in point differential per game at +13.7 points; the Miami Dolphins ranked last in the NFL in point differential per game at -11.7. Even Kansas City– known for their explosive offense– had an average point differential in 2019 of just 9.7 points. The net point differential in the NFL is -14.1, or -0.9 points per game. Basically, the talent differential in the NFL is so minute that even mismatched teams often draw games within a score of each other.

NFL spreads are most commonly between one point and four, with six being a heavy favorite and extremes coming out around 15-20 point favors. (For those wondering, the 1941 Chicago Bears hold the NFL record of point differential at +15.7 points per game. Conversely, Ohio State had a +33.1 average point differential in 2019.)

Point spread and odds movement

Sportsbook operators often aim to have equal money on both sides of a point spread. When the money is exactly split the sportsbook operator will see the exact vigorish as their profit margin. If all things are equal over time this will maximize how much money the sportsbook operator can make.

In an effort to have equal money on both sides of a wager, the sportsbook operator will move the point spread to attract money on the side that customers aren’t betting on. The odds for a point spread might change before the actual point spread. There are certain point spread numbers, like 3 and 7 in football, the sportsbook operators would like to avoid moving away from since the final score margin falls on these two numbers most often.

For example, if a lot more money is wagered on the New England Patriots -3, the vig may shift from -112 to -115 and -120 before the line moves to -3.5.

Run and puck lines

Football and basketball games are mostly bet using a point spread. The less popular major sports, baseball and hockey, are mostly bet using a moneyline. In an effort to make baseball and hockey more appealing to point spread bettors, the sportsbook operators offer run and puck lines, respectively.

These alternative lines give point spread bettors a chance to wager on other sports using a more familiar method of betting. Since points (runs and goals) aren’t as easy to come by in baseball and hockey, the odds with the lines may have a wider spread than a football or basketball game.

Following the Supreme Court's ruling that PASPA is unconstitutional, numerous state legislatures are discussing -- or already have passed laws -- that will allow sports betting at brick-and-mortar casinos and racetracks, as well as online.

Sports Betting Explained Moneyline

The conservative estimate here is that by the end of 2018 eight or nine states will have licensed sportsbooks allowing full-fledged sports betting (straight wagers, parlays, futures and more) at casinos, racetracks and possibly in retail locations, such as gas station convenience stores. By the end of 2019, that figure could grow, giving residents and neighbors in 12 to 14 states access to legal sportsbooks and legal online/mobile wagering as well.

With that in mind, let's look at sports betting basics. You've walked into a sportsbook, you're staring at a wall of orange and green letters and numbers and it looks like hieroglyphics. You may find a patient clerk at the sportsbook counter who can explain some basics, but it's always better to go in with an idea how it works. Start by doing some research online, learning a bit of sports betting terminology and about types of wagers available at sportsbooks.

Here's a review of some basics. Joining us to cover some ground is Vic Salerno, a pioneering Nevada sportsbook executive and current President of US Bookmaking and US Fantasy Sports.

What are the point spread and the money line?

There are a few basic ways to bet on the result of a game. The most popular ways are to bet one team using the 'point spread' (or spread) or to bet the outcome on the 'money line' (ML).

'A point spread is a number of points by which one team is favored over the other,' Salerno explains. 'For example, let's say the Cleveland Cavaliers are playing the Milwaukee Bucks, and the Cavaliers are a 3.5-point favorite. That means that Cleveland has to win by three and half or more points. If they only win by 3, then someone betting on the Cavaliers would lose their wager.'

So suppose the Cavs edge the Bucks 93-90. Someone betting on Milwaukee would win there because the Bucks 'covered' the spread -- by either winning outright or by losing by three or less. The person who bet on the Cavaliers (the 'favorite') would have lost here, while someone else backing the underdog Bucks (or the 'dog') would have won their wager, despite the Bucks losing the game.

The point spread is the great equalizer. It's a game within a game.

The money line is straight up without the handicap.

'The money line is just who is going to win the game outright,' Salerno says. 'So in that same example, with Cleveland on the money line, just to win the game outright, you would have to lay, say, two dollars to win a dollar.'

That would be represented on the board (or on the mobile app) by -200, or 1-2 odds. Bet $200 to win $100, $100 to win $50 and so on. You have to bet more than $100 to win $100 because the outcome of the Cavs simply winning the game is a lot more likely.

And on the other side, the Bucks, who are at +3.5 on the spread (or 'getting' 3.5 points), would be somewhere around +160 on the money line (8-5 odds). So, you risk $100 to win $160, but only if the Bucks are victorious. If you bet the Bucks ML and they lose the game by any margin, you lose your wager.

What is handicapping?

Handicapping refers to a person's approach to predicting a game's outcome. Some people weigh certain factors differently than others. Do the Golden State Warriors play poorly on the second night of a back-to-back? Maybe you think that's just noise.

'[Handicapping is] just knowledge. I mean every game is different,' Salerno says. 'In general, you look at applicable weather conditions, and in any sport, it's injuries. You should be up to date on those. Past statistics come into handicapping, and in some sports, past performances against that team. So, for example, in basketball, they play each other more often than they do in football, so you would use past performances for your handicap.'

Handicapping can be as simple or as complicated as you like. People who wager on sports professionally (or try) will devise their own rating systems and use them to help identify what a line should be.

What about the total?

Ever notice someone only rooting for offense or defense, regardless of who has the ball? He/she may have bet 'over' or 'under' the game's total, the total amount of points scored for both teams. It's a wager totally independent of the game's outcome (spread or ML).

Salerno provides an example why somebody may prefer that to picking a side (a winner or loser).

'Let's say that in football, the Green Bay Packers are playing the New England Patriots in Green Bay and the total was 45,' he says. 'The line might be Green Bay, say by three, and people feel that both teams would score more combined points than the 45. So in that case, and regardless of who wins, they feel that there will be more than 45 points scored, so they would bet 'over' on that. And vice versa, if they felt less points would be scored, they would bet on that.'

These scenarios often come down to the final minute of the game. Let's say that the Packers lead 24-20 late in the game and are trying to kill the clock on offense. Aaron Rodgers hits Davante Adams for a 23-yard reception, Adams runs to the Patriots' 20-yard line and then the Patriots lock down and force the Packers to kick a field goal on fourth down. Those on the over hold their breath. It's good, the game ends 27-20 Packers and the total skates past 45.

Keep in mind that in addition to a game total, most sportsbooks will offer a separate total for the first quarter, second quarter, first half, third quarter, fourth quarter and for the second half. You may think the game will start very conservatively. In that case, you might wager 'under' in the first quarter or half.

Also keep in mind that there are other types of wagers called 'props' that look at a variety of player-specific or team-specific events. A popular prop during the NCAA tournament is the first team to score 10, 15 or 20 points. It's just an exciting race to open things up.

What are teasers and parlays?

Now we're getting into 'exotics,' or types of wagers beyond the traditional kinds. Teasers and parlays are the two most popular variations.

'A parlay is when you take two or more teams, and they both have to [cover the spread],' Salerno says. 'In football, you might take, say the Packers -3 and the Detroit Lions +4. To win your parlay, they would both have to cover those spreads.'

So what is the benefit of having to win both legs of the bet? You get a bigger payout.

How Does Sports Betting Work

You can bet more than two teams in a parlay, too; the more teams you pick, the higher the possible payout. For example, a seven-team spread parlay pays out at about 75-1. But remember -- to win your bet, you have to win all legs of the parlay. So if you nail six Sunday football games, but lose the Monday night game, you can kiss that ticket goodbye.

A teaser is similar to a parlay in that you must take two or more teams, and they both have to cover the spread. The difference here is you get to add points to, or tease, the spreads. In football, one teaser option is to add six points to a spread. So going back to the Packers-Lions example, instead of Green Bay being -3, you would get +3. The Lions would go from +4 to +10 in this teaser.

Putting it another way, a teaser gives you some cushion, but again you have to be right on every team (or 'leg') you play. Teasers may seem appealing, but things often don't go the way we expect, so don't be easily seduced by the extra points.

Speaking of points, here's a good spot to mention how the 'book' or the 'house' takes a cut. Consider that -110 you'll frequently see. That extra 10 refers to the 'juice' or the 'vig.' For the ability to place a wager, the bettor has to pay that juice or vig. After all, the sportsbook and its employees have to eat, too -- they are taking the risk with every wager placed. And that's basically why -110 exists. Bet $11 to win $10 (plus your $11 back), or bet $110 to win $100 (plus your $110 back).

What does it mean to wager in-game?

Once the game starts, it's no longer true that all bets are off.

You can bet 'in-game' when a bookmaker has a moment to look at what has happened, reassess and offer a new line(s) accordingly. This type of wagering is becoming increasingly popular.

There are many in-game wagering options. Suppose the total for an NBA game is 200 points before the tip, but both teams come out on fire, on pace to go way past 200 points.

'There's an algorithm that takes and sees how much time is left in the game, and then divides that into points scored, and that's how we arrive at a new total,' Salerno says. 'So a game that was originally 200, if they're scoring at a more rapid rate, it would go up to say 210, and you can bet at 210 whether you want to go over or under.'

How about that bankroll?

The most common pitfall for newcomers comes back to the bankroll, or the amount of money you've set aside for sports betting.

'This is my opinion: You should always keep your bets relatively the same with each and every bet, no more than 5 percent on any one game,' Salerno says. 'And you should never chase or increase your wagers when you're losing. Saying, 'OK, I can't lose three in a row' and betting four times as much on the next game [gets you into trouble]. And you can lose four in a row, or five or six. So, you can't chase it.'

The other pitfall is a bettor letting his heart get into a place where his mind is -- in other words, falling in love with his home team or his favorite team.

Finally, as in every industry, technology is changing the game. Pretty much every sportsbook, existing or to come, will have a mobile app or online platform. That means if you have access to different sportsbooks, you can do what's called 'line shopping,' or looking for the line that gives you the best odds on the side or total you like. Think of it like shopping for a new pair of shoes online; find the pair you like and then get the best price on them.

'Having accounts in different locations gives a player a huge advantage,' Salerno says. 'If you want to bet on Cleveland, one place might have it at -3 and the other places all have -3.5. That can make the difference between a winner and a loser.'

Brett Smiley is the editor-in-chief of SportsHandle.com, covering sports betting legislation, the industry and culture.