Super Bowl XLIX kicks off at 6:04 p.m. ET on Sunday. It will be the most televised event of the year, and it will also be the most wagered sporting event. No other event sees the kind of legal and illegal money wagered like the Super Bowl. Whether you are betting at a casino in Las Vegas, through an online sportsbook like Bovada.lv, or in your work office pool, a sizable chunk of America ends up wagering something on the Super Bowl.
Super Bowl 2015 betting primer: How do odds, spreads and prop bets work?
Super Bowl XLIX will feature more money gambled than any other sporting event in 2015. We’ve got a rundown of important words and phrases so you know what people are talking about.
Whether you are potentially entering an office pool, or you want some talking points for a friend’s Super Bowl party, here are a few key terms and phrases related to gambling and the Super Bowl.
What is the spread?
The spread for Super Bowl XLIX is currently set at 2 points at Bovada.lv. The Seattle Seahawks are the underdog, and the New England Patriots are favorites. If you bet on the Seahawks to cover the spread, you are anticipating they will lose the game by fewer points than the spread. If you bet on the Seahawks as 2-point underdogs, if they win the game, or lose by one point, you have "covered" the spread. If you bet on the Patriots as 2-point favorites, if they lose or win by only one point, you have failed to cover the spread. Given the small spread, you are effectively betting on who will win the game, but there is a tiny margin for error.
What does it mean to be giving and getting points?
If you are a favorite, you are “giving” the other team points. If you an underdog, you are “getting” points from the other team to make up for the fact that you are the underdog. In the case of this game, the Patriots are giving two points, while the Seahawks are getting two points. The idea is that the favorite is better, so for betting purposes they are giving up points to the lesser team.
How is the spread determined?
The 2-point spread does not mean the Patriots are two points better than the Seahawks. Sportsbooks do not set the spread based on who they think is better. They set the spread based on who they think gamblers will view as the better team. The goal is to get an even amount gambled on each team. If a sportsbook gets the same amount of money for each team, they are guaranteed a profit on the spread. Sportsbooks take a percentage of each bet, which is called the vigorish, or vig. If the wagers end up split 50-50 between the two teams, the sportsbook walks away profiting from the vig.
What is the moneyline?
You can also bet strictly which team will win the game. This is called betting on the moneyline. For Sunday’s game, the favored Patriots are -115 on the moneyline. This means that if you bet $115, you will win $100. The underdog Seahawks are listed at -105. This means if you bet $105 you will win $100. If you bet on the underdog Seahawks, you will get slightly better odds (and win more money) if you bet on them moneyline because you are predicting them to win and not just lose by no more than a point. It is a small spread, so the odds are not all that different, but they are modestly different. If you bet on the favored Patriots, you will get worse odds (and win less money) if you bet on them moneyline.
What is the over/under?
The point total for Super Bowl 49 is set at 47.5 points. One can bet on whether the two teams will combine to score more than that total (OVER), or less than that total (UNDER).
What are prop bets?
Super Bowl Betting
The Super Bowl is well known for the numerous prop bets one can wager on. A prop bet takes individual events within or connected to the game, and allows you to bet on them. They can be connected to the on-field action, meaning you can bet on things like total passing yards for Tom Brady or Russell Wilson, total receiving yards for Rob Gronkowski or Doug Baldwin, or total rushing yards for Marshawn Lynch or LeGarrette Blount. However, for the Super Bowl, prop bets will also be incredibly random. You can bet on things like how long the National Anthem will last, what color hoodie Bill Belichick will wear, or even whether the coin toss will come up heads or tails.
Is my office pool legal?
It actually depends on your state. Connecticut, Pennsylvania, and Illinois are among those that say it is illegal. Colorado, Maine and South Carolina are among states that actually carve out exceptions for social gambling. But either way, why worry about technicalities? Just don’t tell HR!
What are Super Bowl squares?
Super Bowl squares use a 10-by-10 grid featuring the numbers 0 through 9 on top and down the left column. The row of numbers represents the last digit of the score of one team, while the column of numbers represents the last digit of the score of another team. Usually, the scores are applied to the first, second and third quarters, and then the final score. The numbers can go in order 0 through 9, or they can be randomly ordered. Learn more about Super Bowls squares HERE.
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