Spread Betting: What It Is, And How To Make It Work For You
The invention and evolution of the point spread has made sports betting the incredibly popular pastime that it is today. While gambling on sports seems to continue to increase in popularity, spread betting is at the heart of the industry and, what’s more, it’s basically the name of the game.
Many decades ago, the spread was developed as a handicapping element that gave gamblers incentive to bet on either side of a game. Local bookies had no shortage of interest from would-be gamblers, but they could only get action on games that were nearly even in their match-up. If a game featured one team that was decidedly stronger, there was no incentive for the gambler to take the underdog. As the saying goes, necessity is the mother of invention, and perhaps it was inevitable that the point spread would come along.
Now, gamblers had options. They could take the underdog, and their team no longer had to win, but simply had to keep the game close, or "cover the point spread". Conversely, bettors could still select the favorite, but this came with an element of peril. Not only did the favored team have to win, it had to win by an assigned number of points in order to cover and give the gambler a win. In back alley betting parlors, handicappers would come up with the point spread for the favored team and would scribble the number on a chalkboard next to the team’s name. That’s how the favorite earned the time-honored nickname of “the chalk.”
Sports betting changed for good, and it will never be the same. These days, who will win the game straight-up is almost a footnote to serious sports gamblers, who are much more interested in the more important question … who will cover? Developing the point spread has evolved into part science, part art. Teams of oddsmakers in Las Vegas and in offshore sportsbooks gather at the crack of dawn to give their subjective analysis of each game. This is combined with a computer-generated analysis of each team, also known as a power ranking, that goes into determining which team will be favored and by how many points.
The final point spreads are provided to sports books, which then post them as the line on each game. They can adjust them as they see fit, but most sports books use the lines provided by reputable oddsmakers. Contrary to popular opinion, the spread is not an indication of how many points the oddsmakers believe a certain team will win by. The number is designed to give sports books action on both sides of a game, so they can profit by taking a 10 percent fee on each bet regardless of which side covers. Interestingly, most games do not provide sports books with equal action and, like the gamblers, they are left rooting for one side to cover in order to make a profit.
For instance, if Duke is a four-point favorite over North Carolina in college basketball, and the sports books take 70 bets on Duke and 30 on North Carolina, they are said to be “heavy” on Duke money and need North Carolina to cover in order to profit. On a sports betting board, the odds would read something like:
151 North Carolina +4
152 Duke -4
The numbers in front of the team indicate the number assigned to the team for betting purposes. So you would tell a ticket writer you want a bet “on number 151” as opposed to telling them you want North Carolina. You would ask for number 152 if you wanted Duke. In this example, Duke would have to win by five points in order for your bet on Duke to win. If North Carolina wins the game or loses by three or fewer points, your bet on the Tar Heels would win. This example alone explains the inherent value in betting on underdogs. That is, you have two ways to win instead of one. Your underdog can win the game, or simply keep it close, and your bet is a winner. If you choose to back the favorite, your team must win by the assigned number of points.
While there can sometimes be value in the favorite, you should always keep en eye toward betting the underdog. This might seem counterintuitive because the spread might suggest that the oddsmakers perceive the favorite as the stronger team.
Remember that the spread is generated in the hopes that bettors will give equal action on both sides. Also keep in mind that betting an underdog, more often than not, means that you will be betting with the house.
This is never a bad thing, because there’s a reason the sports books have stayed in business for so long.
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