Technically, probability should always be a number between 0 and 1. It's often expressed as a percentage though, which makes things easier for the purposes of betting. 0.7059 converted into a percentage (i.e. multiplied by 100) gives us 70.59%. What this means is that the odds suggest the Celtics have a 70.59% chance of winning. If we believe the Celtics have an even greater chance of winning, then we should back them at odds of -240.
Before we had the options of wagering on future bets, parlays, teasers, alternative lines, Asian lines, prop bets and each-way, there was one betting option that reigned supreme. It was the money line bet. From a non-gambling perspective, winning a game in any sports will make a team happy. However, depending on the score, that win may not please bettors. That’s because the point spread betting option has taken over as the popular option, leaving the money line far behind. If you are the kind of person who bets on your favorite team each and every game, this is the bet for you. There is nothing worse than watching your team win the game, but lose you money by not covering the point spread.
The point spread, which is sometimes referred to as the “handicap”, is the number of points taken from the favorite, or given to the underdog, in order to open up the chances of either team winning the wager evenly. In most games, there’s usually a team that is more likely to win, based on a number of statistical factors. If the only kind of wager available was on who would win between a very strong team and a poor team, it wouldn’t be all that exciting. The point spread was designed to make betting much more interesting, since it allows a bet on the losing team to win you money. How? Let’s break down an example:
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