Definition
Point spread handicaps the favored team by a set number of points. To win, the favorite must win by more than the spread; the underdog must lose by less than the spread or win outright. Standard price is −110 on both sides, meaning risk $110 to win $100. The spread normalizes both sides near 50/50 probability. Half-points (−3.5, −7.5) eliminate push outcomes. Books move the spread to balance action and reduce liability.
Worked Example
Cowboys −6.5 (−110) vs Commanders +6.5 (−110). Cowboys win 24–17 (margin 7): Cowboys cover, spread bettors win. Cowboys win 24–21 (margin 3): Cowboys fail to cover, Commanders +6.5 wins. Bet $110 on Cowboys −6.5, win $100. Breakeven win rate: 110 ÷ (110 + 100) = 52.38%.
Why It Matters
Spread markets are most liquid and sharpest. Beating 52.38% long-term is the minimum bar for profitability at standard juice; finding misvalued totals is easier than finding misvalued spreads.