Markets
Line betting (handicap) explained
A line bet (also called a handicap or spread bet) applies a virtual points handicap to one team to even up an uneven matchup. You back the favourite to win by more than the line, or the underdog to lose by less than the line — or to win outright.
Line betting exists because head-to-head markets in mismatched games get crushed: a strong favourite at $1.20 and a weak underdog at $4.50 isn't an interesting punt for most people. The line market evens this up by handicapping the favourite, so both sides typically price near $1.91 — the industry-standard "even" price after a typical 4-5% overround on a two-way market.
The line itself is set by the bookmaker's trading desk. AFL and NRL lines are usually quoted in half-point increments (e.g. -23.5, +12.5) so there can be no push (a tie at the line). When a line is set in whole points and the result lands exactly on the line, the bet is refunded.
Cricket uses runs-based line markets for limited-overs games and innings-runs markets for Tests. Some operators also offer alternate lines around the main number (e.g. -11.5 / -16.5 / -21.5) at different prices, letting you trade certainty for better odds.
Worked example
An NRL match has the Storm priced at -12.5 against the Tigers for $1.91. To win that bet, the Storm need to win by 13 points or more. If they win by exactly 12, the Tigers cover the line and the +12.5 side wins.
The Tigers at +12.5 are also $1.91. Both sides paying $1.91 is a two-way market with an overround of about 4.7% — typical for AU NRL line markets.
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