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    To profit, the bookmaker must pay one side less than this notional amount. In practice, spreads may be perceived as slightly favoring one side, and bookmakers often revise their odds to manage their event risk. A point spread is a range of outcomes and the bet is whether the outcome will be above or below the spread.

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    We’re going to take you through it all step by step right here. The Dutch Book Theorem, a probability theory, states that profit opportunities will arise when inconsistent probabilities are assumed in a given context. The offers that appear in this table are from partnerships from which Investopedia receives compensation. Investopedia does not include all offers available in the marketplace. Decimal odds are popular in continental Europe, Australia, New Zealand, and Canada.