A spread is a range of outcomes and the bet is whether the outcome will be above or below the spread. The purpose of a spread is to create a more active market for both sides of a given wager. In most sporting events, there is one side who is clearly a better team, and these teams are known as favorites. The team that is less expected to win is the underdog. 

 

In a regular wager, the question one asks is, "Will the favorite defeat the underdog?" Adding a point spread means that the pay-ff is based on the accuracy of the wager, rather than the simple, "win/lose" outcome of a moneyline wager. When a spread is added, a person should ask the question, "Will the favorite win by more than the point spread?/Will the underdog lose by less than the point spread?" This point spread is intended to create an equal number of wagers on either side of a contest, meaning that a person who is taking bets is more concerned with the volume of people betting. Since they must payout to one side, they are more concerned with the commissions they receive rather than the actual profits that a bet pays out. If the favorite wins by more than the point spread, they have covered. A less-favored team will cover if they either beat the favorite, or lose by less than the point spread. For example, if the Panthers are 3 and a half point underdogs, and they only lose by 3, than they will have covered the wager.

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