That way, the oddsmakers are guaranteed a profit through a cut of the action, called the vigorish, or “vig.” (Many books, hoping to sound less wiseguy-ish, call it “the price.”) Most sportsbooks will keep 10% or more of a winning bet before paying you the rest, but they keep 100% of all losing bets. Rather, it is a number designed to generate as close to an equal number of bets on both sides as possible.

Contrary to popular belief, the point spread is not a consensus on how many points oddsmakers think one team will win by.