by David Purdum, ESPN Chalk
In the 1940s, Charles McNeil, a Connecticut math teacher turned Chicago bookmaker, revolutionized American sports betting. McNeil is credited with inventing the point spread, which has been the preeminent way to bet on football for 80 years.
The point spread represents the margin of victory of the perceived favorite in a game. A 7-point favorite, for example, must win by more than seven points to cover the spread. The spread can make outclassed underdogs more attractive to bettors and add intrigue to lackluster matchups. Academic studies have shown spreads can even boost TV ratings, including lopsided affairs when the result of the game has been determined but who will cover is still up in the air.
Point spreads for football games have appeared daily in newspapers since the early 1950s, even though betting was only legal in Nevada up until very recently. A ruling by the U.S. Supreme Court in 2018 launched a massive expansion of legal betting. Now, with leagues, teams, media outlets and more than 30 states getting into the bookmaking business, the point spread is more visible than ever. But its days as America’s favorite way to bet on football appear numbered.
Young bettors, many of whom got their comeuppance in daily fantasy sports, are gravitating to player props — bets based on individual player performance — rather than traditional offerings like the point spread, over/under total or money-line. Soon, it’s expected that more money will be riding on Tom Brady’s passing yardage, for example, than the final score.
“This is the future,” Jay Croucher, head of trading for sportsbook PointsBet, said.
