A point spread, also known as a handicap or line, is a margin set by the operator to balance betting interest between an uneven favourite and underdog. Rather than backing a team simply to win, the bettor wagers on whether a side will cover the spread. The favourite is marked with a minus figure and the underdog with a plus figure.
Suppose a basketball team is favoured at -6.5 and the opponent is +6.5. Backing the favourite requires them to win by seven points or more. Backing the underdog succeeds if they lose by six points or fewer, or win outright. The half-point, known as a hook, ensures there can be no tie on the spread.
When a spread uses a whole number, such as -7, a result that lands exactly on it produces a push, and stakes are returned. This is a key distinction from moneyline betting, where only the winner matters. Point-spread markets are typically priced near even money on both sides, often around -110 in American odds, with the handicap rather than the odds doing most of the work to balance the book.
A common misconception is that covering the spread is the same as winning the game. A favourite can win comfortably yet fail to cover if the margin falls short, and an underdog can lose the match but still win the bet by keeping the result close. Experienced bettors watch how late scoring, substitutions or garbage-time points can swing a cover independently of the actual winner.
Point spreads are especially prominent in North American sports such as American football and basketball. Elsewhere, the equivalent concept is usually called handicap betting, and in football it often appears as the Asian handicap, which uses quarter-goal increments to reduce or remove the chance of a push. Spreads also move before and during an event as money and news arrive, so the number a bettor takes, and the exact timing, materially affects the result.