You’ll see the spread is almost always delineated with the minus symbol and spread number corresponding directly to the favored team. The over-under or total is usually noted on the same line where the underdog is listed, but with a bit of separation from the team name so that it is not confused with the point spread. In this example, the Los Angeles Lakers are the favorite, while the Warriors are the underdog.
Because of this, legal sports betting sites handicap each team via the point spread. Using the above Notre Dame vs. Miami betting line, the point spread favors ND to win by 7.5 points (-7.5). Moneyline odds are based on a $100 wager, with the favorites getting a negative number (-) and the underdogs getting a positive number (+).
We then look at the betting line on that game and realize that the sportsbook is paying out as if the team only has a 40% chance of winning the game . Before we dive headfirst into value, we need to make sure that you understand a concept known as implied probability. Probability is simply the likelihood that something is going to happen usually represented as a percentage. Implied means that something else is being used to imply to you what that probability is. In this case, they’re using the betting lines to imply to you what the probability they think a bet is going to win is.
That number also indicates how much money you need to bet/spend in order to win $100. Sportsbooks vary in the price of buying points, but the general rule is that a half point is worth an extra ten cents in juice. In our earlier NFL example, if you wanted to buy points with the Ravens -5.5 (-120), you would pay -120 to buy them down to -5.
In this instance, bettors would win $100 on a $100 wager, thus totaling $200. An evens or pick ‘em will usually have the word “evens” or “pick ‘em” listed on the moneyline. It will be represented by the equal wager amount (+100), or a combination of the terms such as (Evens +100). A winning even or pick ‘em play by a bettor will pay out the same amount wagered. If you are a professional sports bettor or someone new to the industry, the first big step is knowing how to read and understand betting lines and odds. New sports bettors will likely be overwhelmed when visiting a sportsbook or online sports betting site, but it’s not that hard to read them after you know what all of the numbers mean.
In the above example, the money line would probably be Chicago -250 and Detroit +200. To bet Chicago simply to win, you must wager $250 to win $100, while a $100 bet on Detroit would pay $200 if the Lions come through. The over under is represented in the third column of the above betting line, and reveals that legal online sports betting sites believe that both teams will combine to score 44.5 points. When it comes to point spread betting, and you bet against the spread, it won’t be enough for the favorite to win the game outright. The favorite would have to win by more than a specified number of points or goals in order for that team to cover the point spread.