Spread Betting

spread betting is one of the most basic and most popular forms of sports betting. The Las Vegas sports books publish their spread (also called a line) for a game. We'll say that Ohio State is a seven point favorite at home against Michigan. If you think that Ohio State will win by eight or more points, you can bet on the Buckeyes to cover the spread. Likewise, if you think that Michigan will lose by less than a touchdown, you would bet on the Wolverines to cover.

Spread betting is considered a popular alternative option to the moneyline bet, where you are betting on the straight up winner. Most sports books prefer taking spread bets rather than a moneyline. Think about it this way: in a football game like Ohio State versus Troy, nobody would expect Troy to win, so 100% of the money would go to betting on Ohio State.

In order to balance out the betting, Ohio State had to win by 21 points in order for people to win the bet. The Buckeyes won the game 28-10, but did not cover the spread. Therefore, even though Troy lost, they covered the spread and people who bet on that side won that day. The sports book will get much more action on a spread bet for a lopsided game than they will for the moneyline. If one team is a three touchdown favorite, the odds for them to win outright may be $100 to win $5, or worse. If you bet the spread, however, you would only have to wager $5.50 to win $5.

Many bettors will prefer to wager on the point spread when they think that the underdog will keep the game close or maybe even win it outright. For example, if you think that Oregon State might sneak an upset over Southern Cal, you could bet on Oregon State to cover -- in last year's game, the Beavers were 24 point underdogs. Somehow, Oregon State pulled out the victory, winning 27-21.

In that particular example, betting on Oregon State to win outright would have netted you a lot more money. However, some considered that game to be almost like a miracle. In other words, a large percentage of the time, betting on Oregon State would have lost you your bet. For the most part, a large underdog won't win the game outright, but they may keep it close, in which case betting on them to cover the spread is the correct play.

One thing to note is that just because a team wins a lot (or all) of its games, that does not mean that they perform well against the spread. Last season, Southern Cal finished an impressive 11-1 overall, but only 6-6 against the spread. This is likely because they performed below expectations, winning closer games than anticipated. Meanwhile, Texas, Oklahoma and Florida all had great seasons and blew out teams when they were expected to do so.

While those three teams combined for a 35-3 record overall, their records against the spread were also an impressive 29-7 combined. Every sports book or bookie charges a “juice,” or “vigorish.” This means if you are betting on one side of the spread, you typically have to risk $110 to win $100. Since the sports book charges both sides equally, that guarantees that they make money regardless of the outcome of the game.

Taking into account the sports book’s juice in each bet, you need to win roughly 52 percent of your bets to break even. If you bet on Texas, Oklahoma and Florida to cover the spread every single week last year, you would have won nearly 81 percent of your bets. An 81 percent winning record for an entire college football season would net you big profit, regardless of your average bet size.

Another popular alternative to the spread bet is the over/under, where you can bet on whether both teams will combine to score over or under a predetermined number. Most of the time in nfl betting, the over/under will be in the 30s or 40s, meaning if both teams score in the high 20s, the game will probably go over the total. College football totals are much higher because the talent level is so much broader and a team like Oklahoma can score 40 points on their own with ease every week. Beware, though: if an over/under looks really off, it may be too good to be true. Check injury reports and suspensions before placing a large bet on an over. Maybe Tom Brady injured his ACL and is out for the season, in which case the New England Patriots certainly won't be scoring points as easily!

Spread betting is most popular in basketball and football betting, where two teams face each other and one team wins the game one way or another. However, spread betting can extend to soccer betting, where a team will have to win by a goal or more to 'cover the spread'. Betting on the spread in soccer can be frustrating in that lines are often set on the goal, where a one goal favorite winning by exactly one goal would result in a draw, where you push, or get your money back.