Point Spread
A margin of points the sportsbook assigns to the favourite, who must win by more than that number for a bet on them to pay out.
Definition
The point spread is a handicap a sportsbook applies to a match so that two unevenly matched sides become roughly even-money propositions. The favourite is quoted with a minus figure (for example −6.5) and must win by more than that margin to "cover" the spread, while the underdog is quoted with the matching plus figure (+6.5) and covers by winning outright or losing by fewer points than the line. Both sides are usually priced at around −110 in American odds (1.91 in decimal), and the small shortfall from true even money is the operator's built-in margin. When a spread is a whole number, the result can land exactly on the line as a "push", in which case stakes are returned — which is why many books add a half-point "hook" to force a decisive win or loss.
Worked example
A sportsbook posts an NFL game as Kansas City Chiefs −6.5 against Buffalo Bills +6.5, both priced at −110. A 110-unit stake on the Chiefs returns 100 profit only if they win by 7 or more: a 27–20 result (a 7-point margin) wins the bet, but a 24–20 result (4 points) loses it even though the team won the game. A bet on the Bills +6.5 wins if Buffalo wins outright or loses by 6 or fewer. Because the line is set at 6.5 rather than 7, no push is possible and every outcome resolves as a clear win or loss.
Why it matters
Point-spread (or handicap) betting is one of the highest-volume products in regulated sports markets, so anyone working in trading, product, or compliance needs to grasp how the line balances liability between two sides and where the operator's margin sits. For learners it is the clearest demonstration of why the outcome of a bet can differ from the result of the match, and it introduces recurring concepts — covering, pushing, the half-point hook, and reduced juice — that carry across almost every sports-betting product.
Related
Note: The concept is stable, but terminology and mechanics vary by market: "point spread" is North American usage, whereas European and Asian books call the equivalent a "handicap" or "Asian handicap" — the latter using quarter-line increments that split a stake into partial wins and losses rather than allowing a push. The −110 price is a widely used convention, not a rule; operators offer reduced-juice lines, alternate spreads, and differing push rules on whole-number lines, so specifics should be checked per operator. 18+; sports betting is a form of entertainment, not a source of income.