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Racebooks &
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>> The Basic Function of the Line
To understand the betting line, you first have to understand the basic function of the line. The primary function of the line is to balance action. To minimize risk, a sports book or linemaker creates a betting line, which is a method of handicapping that makes a bet on either team seem equally attractive. Sports books are not concerned with splitting the opinions of all sports fans or even all sports bettors. Rather, the goal of the sports book is to offer two equally attractive betting options so that an even amount of money is wagered on both teams. Setting the line involves handicapping the bettors that create the majority of the action.
For example, suppose the Packers are a 3-point favorite over the 49ers and that there are 101 bettors interested in the game. 100 of those bettors like the Packers -3 and each wager $55 to win $50. The last bettor likes the 49ers +3 and bets $5,500 to win $5000. The line certainly did not split the opinions of the 101 bettors, but it did do an excellent job of balancing the money that was wagered on the game.
The betting line fluctuates right up until game time to attract more bets on the team that has been under-bet so far. By the start of the game, if the betting line has accomplished its intended job, the house can be assured of making money no matter which team wins or by how much.
There are two different types of betting lines in sports: the money line and the point spread. The money line, also called simply the line, penalizes those who prefer to bet on the favorite by making them bet more to win less. This is called laying a price, or giving odds, and it works like this: if you lay 9 to 5 odds on a wager, you're paying $9 to win $5 and get back $14 ($9 + $5) if you win. Regardless of the odds, you always get your original wager amount back plus your winnings, if you win. Of course, you could wager any other dollar amount at 9 to 5 odds, as long as your bet was within the sports book's betting limits.
If, in the same game you choose to bet on the underdog instead, you're taking odds by betting $5 to win $8.50 (if you could bet $5 to win $9, there would be no edge for the sports book). You pay $5 to place the bet and get back $13.50 when you win. In this case, you're enticed to bet on the underdog by the promise of winning more dollars than you bet. You're also assuming more risk by betting on the underdog, but sometimes the potential profit is worth it.
In football and basketball, you generally see the betting information as a point spread, also called the spread. The point spread gives the underdog (which is the team that is less likely to win) extra points for wagering purposes. So you don't just bet on the favorite; you bet on the favorite to win by more than the spread. A bet on the underdog wins if the team wins outright, and also if the favorite wins by less than the spread. For example, if The Lakers are favored by 6 points over the Knicks and you bet on the Knicks, the Knicks could win the game outright, or lose by 5 points or less and you'd still win your bet. If the Knicks win by exactly 6 points, the game is a tie for betting purposes, and all who wagered at that spread will get their money back. If you bet on the favorite, in this case the Lakers, Los Angeles would have to win by 7 points or more to "cover the spread"- and for Laker bettors to win and get paid.
When wagering on football or basketball, whether giving or taking the points, you have to lay odds by paying $11 to win $10 (to get $21 back), whichever side you want to bet
The point spread in a football game may fluctuate during the days leading to the game. Professional gamblers (often referred to as "wise guys") bet early in the week because that's when the betting lines are weakest. As the lines move in response to the wise guys' bets, the lines become harder to beat because they more closely reflect the direction in which the money is moving, or being wagered.
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