Moneylines
The moneyline bet is when you bet on the winner of the game. Eg. The Bears will win against the Bills outright. There are still odds e.g. the favorites (The Bills) are +160 and underdogs (The Bears) are -210, but instead of having a point spread, the teams are given odds to win the game straight up.
A negative number indicates the favorite, and the odds show how much money you must wager to win $100. A positive number indicates the underdog, and the odds show how much money you will win on a $100 wager. The more uneven the contest, the bigger the numbers you'll see.
Let's look at an NFL game where the Buffalo Bills are favorites against the Chicago Bears. The odds might look like this:
Bears: +160
Bills: -210
If you bet on the Bills, you'll have to risk $210 to win $100. However, if you bet on the Bears, you stand to win $160 for every $100 you wager. If the final score of the game is tied, the wager will be graded a "Push" and your money will be refunded.
Point Spreads
The point spread is the handicap that the a linesmaker gives to the underdog. Betting against the spread can make a lopsided event more interesting - rather than just winning outright, the favorite must win by more than the point spread ("cover the spread") for bets on the favorite to win. The point spread’s purpose is to make betting on either side equally attractive.
Let's say the Chicage Bears are at home against the Buffalo Bills in the NFL. All signs point to the Bears being the favorite and the Bills the underdog. The linesmaker might decide to give the Browns a five-point head start, which is expressed as Bears +5, or Bills -5.
If you bet on the Bears, you'll win your bet if they win the game by more than five points. If you bet on the Bills, however, you'll win your bet if they lose by less than five points (i.e., if their score is higher after you add five points to it).
The moneyline odds attached to the point spread determine your payout. A negative number (e.g., -170) shows how much money you must wager to win $100 while a positive number (e.g., +150) shows how much money you will win on a $100 wager. The standard odds of -110 may or may not be listed. Note that if one side is receiving a lot of action, the odds may be adjusted in an effort to balance the action.
You can place a point spread bet on the whole game or only a portion of it (when first half, second half, quarter, or 5th inning lines are offered). The point adjustment during the specified period of the game determines the betting outcome.
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