Point Spread

A point spread is a number posted by oddsmakers that represents the projected margin of victory between two teams. The favorite carries a negative spread (for example, -6.5), meaning it must win by more than that figure for a spread bet on it to cash. The underdog carries a positive spread (for example, +6.5), meaning it can lose by fewer than that many points – or win outright – and still cover.

The function of the spread is to produce a roughly balanced wagering proposition on both sides of a contest. Absent a spread, heavily lopsided matchups would draw nearly all action to one side. By handicapping the favorite, books promote balanced wagering and manage risk more effectively. Spread bets typically price near -110 per side, so you stake $110 to win $100 regardless of which team you back.

Example

In an NFL game, the Kansas City Chiefs are favored at -7.5 against the Denver Broncos at +7.5. Betting the Chiefs at -7.5 requires a winning margin of 8 or more points for the wager to succeed. A Chiefs win by exactly 7 points means the Broncos covered. Betting the Broncos at +7.5 wins as long as they lose by no more than 7 points – a Broncos outright win also covers.

Stake $110 on the Chiefs at -110 odds and a 31-20 result (an 11-point margin) returns $100 in profit plus your $110 stake.

Key Points

• Half-point spreads eliminate ties: Spreads ending in .5 (such as -3.5 or +6.5) guarantee a winner and a loser on the spread bet, removing any chance of a push.
• Key numbers matter in football: In the NFL, margins of 3 and 7 occur most frequently because they map to a field goal and a touchdown. Spreads on or near these numbers carry added weight.
• Odds adjust with the spread: While -110 per side is standard, the price on a spread can shift to -105 or -115 as the book balances action without moving the spread number itself.
• Available across many sports: Point spreads are most common in football and basketball but also appear in baseball (as a run line) and hockey (as a puck line).