Money line bets are particularly attractive to square bettors when they are looking at underdogs. They see a nice high positive number and think that the payoff is significant enough to be worth the risk. Unfortunately, underdogs are underdogs for a reason, and it’s usually because they aren’t very good. However, when the right opportunity presents itself, a money line bet on an underdog can grow your bankroll quicker than betting favorites would.
For example, in a cricket match a sports spread betting firm may list the spread of a team’s predicted runs at 340 – 350. The gambler can elect to ‘buy’ at 350 if they think the team will score more than 350 runs in total, or sell at 340 if they think the team will score less than 340. If the gambler elects to buy at 350 and the team scores 400 runs in total, the gambler will have won 50 unit points multiplied by their initial stake. But if the team only scores 300 runs then the gambler will have lost 50 unit points multiplied by their initial stake.
Moneylines are a viable alternative to point spreads when betting on football. If you're one of those bettors who only ever bets on the spread, then you could very well be missing out on some good opportunities to find better value. We don't recommend that you stop placing point spreads and only place moneyline wagers, but you should definitely consider both when betting on a game of football. Try to decide which one offers the better value, and then go with that option.
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What the sportsbook does to fix this is they "spot" the underdog team some points to make it fair. Obviously, these points aren't included in the actual score to determine who wins or loses the game, but they are calculated in to determine who "wins" the game in the sportsbook's eyes. If you ever played basketball as a kid against an older sibling or your dad, they would sometimes "spot" you some points to make it fairer. Let's say you were playing to 20 points, they might "spot" you 10 points to make it fairer. They would then have to score 20 points to win, but you would only have to score 10. This gives you a chance actually to win the game.
The point spread is essentially a handicap towards the underdog. The wager becomes "Will the favorite win by more than the point spread?" The point spread can be moved to any level to create an equal number of participants on each side of the wager. This allows a bookmaker to act as a market maker by accepting wagers on both sides of the spread. The bookmaker charges a commission, or vigorish, and acts as the counterparty for each participant. As long as the total amount wagered on each side is roughly equal, the bookmaker is unconcerned with the actual outcome; profits instead come from the commissions.
In this example, we have a favorite to win, and an underdog. The Packers are the favorites, and that is shown by the (–) value in front of the 6. Underdogs are represented by the (+) value. The 6 point value is how many points either team could win, or lose by. If you think the Packers will win by MORE than 6 points, then you’d bet on the favorite in this case, meaning that the Packers have to win by 7 or more points in order for you to win your bet.