The point spread is the most popular betting market in American football (NFL, college) and basketball (NBA, college). The spread levels the field by requiring the favourite to win by a certain number of points and allowing the underdog to lose by up to that number. This theoretically creates a 50-50 proposition regardless of the quality difference between teams.
How it works: if the Kansas City Chiefs are -7.5 vs the Miami Dolphins, Chiefs bettors need them to win by 8+ points. Dolphins bettors win if Miami wins outright or loses by 7 or fewer. The half-point eliminates pushes by ensuring no result lands exactly on the line.
Point spread vs moneyline: the spread creates equal-odds betting on an uneven matchup. The moneyline shows who wins outright, often with very unequal prices on a lopsided game. The spread is preferred when one team is strongly favoured; the moneyline is preferred when you want simplicity or when you want to take an underdog to win outright at a big price.
Line movement is significant in spread betting. When sharp money hits a line, it moves. A Chiefs -7 that moves to -9.5 has absorbed heavy action on the Chiefs side. This movement carries information — sharp bettors generally move spreads correctly. Tracking line movement helps identify value.
Example
NFL: Philadelphia Eagles -3.5 (-110) vs Dallas Cowboys +3.5 (-110). You back the Eagles -3.5. Eagles win 27-21 — a margin of 6 points. The Eagles cover the -3.5 spread (6 > 3.5). A $110 bet returns $210 ($100 profit). If the Eagles had won 24-21, the margin is only 3 points, failing to cover -3.5, and the bet loses.