Betting the spread is basically like giving one team a head start. When looking
at a spread bet, you will see numbers next to one or both teams. For example, you might
see Team 1 v. Team 2 (+5). This can also be written Team 1 (-5) v. Team 2. This means
that at the end of the game, you either add 5 points to the score of Team 2 or subtract 5
points from the score of Team 1, and the winner is determined including these additional points.
If Team 1 wins by more than 5 points, Team 1 is the winning bet. If Team 2 wins OR loses
by less than 5 points, then Team 2 is the winning bet. If Team 1 beats Team 2 by exactly
5 points, that is called a "push", and all bettors are returned their original bet in full.
Takeaway: The team with the (-) is the favorite, and the team with the (+) is the underdog.
The bigger the number is, the bigger mismatch the game is expected to be. Winning bets are paid
1:1.
Betting the money line is basically like playing the stock market. Playing the less risky
move (betting on the favorite) provides a lower payout, while playing the more risky move
(betting on the underdog) provides a larger potential payout. When looking at a money line
bet, you will see numbers next to both teams. For example, you might see Team 1 (-200) v.
Team 2 (+175). This can also be written Team 1 v. Team 2 (-200/+175). In short, these
numbers tell you what you can get for $100. Since Team 1 is -200, this means you would
have to bet $200 on this team to win $100. Since Team 2 is +175, this means you would win
$175 with a $100 bet. If the game ends in a tie, bet on a real sport. Only kidding, this
is called a "push", and all bettors are returned their original bet in full.
Takeaway: As is the case with a spread bet, the team with the (-) is the favorite. The
larger the number, the heavier they are favored to win - which means you have to bet more
money just to win the same $100. Something about risk/reward.. who knows. On the other
hand, the team with the (+) is the underdog. The larger the number, the heavier they are
favored to lose - which means more winnings for the same $100 bet.
Betting the over/under is basically just betting on how many total points will be scored
in a contest. When looking at an over/under bet, you will see one number next to the contest,
usually labeled "Total Points". For example, you might see Team 1 v. Team 2, Total Points:
200.0. This means that you have to bet that Team 1 and Team 2 will either score more than
200 points combined or less than 200 points combined. If the two teams combine for this
exactly 200 points, this is called a "push", and all bettors are returned their original
bet in full.
Takeaway: If you think the game will be a higher scoring game than the
over/under line presents, take the over. If you think it will be a more heavily defensive
game with less scoring than the over/under line presents, then take the under. Winning bets
are paid 1:1.