NFL bets typically fall into one of two categories: money line bets (also called fixed odds bets) and spread bets. These two types of betting share the same basic principle, but have a few key differences between one another. In both types of betting, bookmakers divide the two teams in a given match into the favourite, or the team they expect to win a game, and an underdog, the team they expect to lose. They will then create odds for the outcome of the game, based on the teams’ previous records (wins and losses), the players on the team, whether any players are injured or otherwise sitting the game out, and so on.
The primary differences between NFL bets are in how the bets themselves work. With money line betting, there are odds posted for the chance of each team winning the game outright. The favourite is the team with a greater chance of winning, and thus pays out less on a winning bet, while the underdog has a lower chance of winning, and therefore pays out more. A typical money line bet posting for an NFL game in which the New England Patriots were going to play the Oakland Raiders might look something like this:
New England Patriots: -200
Oakland Raiders: 150
Because the bets being placed with money line NFL bets are that a team will win the game altogether, the favourite gives better odds but pays less. In this case, betting two hundred dollars on the New England Patriots would win you one hundred dollars (plus your initial bet back) if they were victorious. If you bet on the Oakland Raiders, on the other hand, and they were to win, you would make one hundred and fifty dollars for a bet of one hundred dollars. This would be called an “upset.” Essentially, underdog wins are significantly less common than favourite wins, but also pay out more. Rarely, bookmakers may not choose a favourite and underdog, in which case bets on either team pay out twice the initial bet, as there is considered an even chance that either will win.
Spread NFL bets work somewhat differently, and essentially try to bring the odds of winning a bet on either team to fifty percent. This is done by posting the number of points the favourite is expected to win by. For example, suppose a spread bet on the New England Patriots was that they must win by at least six points, while one on the Raiders was that they lose by no more than five. Betting on the Raiders would pay out even if they lost the game, provided it was by no more than five points.
