Not quite correct as I understand it. If the spread is for, say, Pittsburgh to beat Seattle by 7, the following scenarios can happen; 1) Pittsburgh beats Seattle by more than 7. Anyone who bet on Pittsburgh giving up 7 points wins the bet, anyone who bet on Seattle plus 7 points loses. 2) Pittsburgh beats Seattle by 1-6 points. Anyone who bet on Pittsburgh giving up 7 points loses the bet, anyone who bet on Seattle plus 7 points wins the bet. 3) Seattle wins by any amount. Same result as in scenario 2). 4) Pittsburgh wins by exactly 7 points. This amounts to a tie for the purposes of the bet and both betters get their bet back.
It's a bit further complicated by betters putting up $1.10 (or some multiple thereof) to with $1. In other words, if I put $110 on Pittsburgh plus 7 and they won by 8, I'd get $210; my original bet back plus the $100 for the win. The "missing" $10 from the bet is how the bookmakers make their money. Their goal is to set the point spread so that there is about equal betting for both teams. Thus, it doesn't matter to the bookmaker who wins; the bets for one team provide the potential payout for bets on the other team, with the 10% overbet ending up in the bookmaker's pockets.
As for over/under, that refers to the total number of points scored in the game. For example, if the over/under is, pulling a number out of my hat, 44, if the combined number of Pittsburgh and Seattle points is more than 44, anyone who bet the over wins. If less than 44, anyone who bet the under wins. If exactly 44, both sides get their bets back. The idea behind this one is that it varies depending on how good the offenses and defenses of the teams playing are; if both teams have good offenses but so-so defenses, the over/under number will be relatively high. If both teams are defensive oriented, it'll be relatively low.
no subject
1) Pittsburgh beats Seattle by more than 7. Anyone who bet on Pittsburgh giving up 7 points wins the bet, anyone who bet on Seattle plus 7 points loses.
2) Pittsburgh beats Seattle by 1-6 points. Anyone who bet on Pittsburgh giving up 7 points loses the bet, anyone who bet on Seattle plus 7 points wins the bet.
3) Seattle wins by any amount. Same result as in scenario 2).
4) Pittsburgh wins by exactly 7 points. This amounts to a tie for the purposes of the bet and both betters get their bet back.
It's a bit further complicated by betters putting up $1.10 (or some multiple thereof) to with $1. In other words, if I put $110 on Pittsburgh plus 7 and they won by 8, I'd get $210; my original bet back plus the $100 for the win. The "missing" $10 from the bet is how the bookmakers make their money. Their goal is to set the point spread so that there is about equal betting for both teams. Thus, it doesn't matter to the bookmaker who wins; the bets for one team provide the potential payout for bets on the other team, with the 10% overbet ending up in the bookmaker's pockets.
As for over/under, that refers to the total number of points scored in the game. For example, if the over/under is, pulling a number out of my hat, 44, if the combined number of Pittsburgh and Seattle points is more than 44, anyone who bet the over wins. If less than 44, anyone who bet the under wins. If exactly 44, both sides get their bets back. The idea behind this one is that it varies depending on how good the offenses and defenses of the teams playing are; if both teams have good offenses but so-so defenses, the over/under number will be relatively high. If both teams are defensive oriented, it'll be relatively low.