In many ways, the NFL has taken the mantle of America’s Game away from baseball, given that it is the most-watched sport, as well as the sport most bet on. But before you go and put down any money on the NFL, be sure to read our guide so you are fully prepared.
About the odds
If you aren’t sure exactly what these odds mean, let’s break it down.
For the spread (the more common system), the team with the minus is predicted to win by that many points. So if the Bengals are playing the Browns, the spread might be Bengals (-4.5). If you believe the Bengals will win by 5 points or more, bet on them. If you believe the Browns will win, or that they will only lose by 4 points or less, pick the Browns.
The other most common way to bet on the NFL is called moneyline betting. In that case, you are simply choosing the winner of the game. For moneyline betting, if there is a positive number next to the team, that is the amount of money you would win if you bet $100 on that team. If the number is negative, that is how much you have to bet to win $100.
A real-life example may help clarify. For the 2020 AFC Championship game, the moneyline odds were Bills (+150), Chiefs (-178). So if you were to bet $100 on the Bills, and they won, you would get back $250, a $150 profit. If you bet $200, you would get back $500, a $300 profit, etc. If you picked the Chiefs, you would bet $178. If they won, you would receive back $278, a profit of $100.
One other type of NFL betting is called futures betting. In this type of betting, you are predicting the outcome of a season, not one particular game. For example, before the season begins, you can pick the team that you believe will win the Super Bowl. The payout structure is the same as moneyline betting.
Please realize that odds for games are constantly in flux. If a large percentage of the public bets for one team, the oddsmakers will realize that the current number isn’t enticing enough to encourage relatively even betting, and the odds will change. Also, breaking news (e.g. a major injury) can change the odds.
Also, know that different sportsbooks may offer different odds. So it is helpful to look at different ones to determine where you want to place your bet.