Why would someone bet on an underdog if they are expected to lose?

Sports betting involves more than just picking the winner, because sportsbooks’ odds are set to deliver fair bets on either side of an event.

Designing fair bets where one team or opponent is favored includes setting a point spread. Bettors on the underdog can still win even if their team loses—as long as the number of points by which they lose doesn’t exceed the point spread. Conversely, bets on the favorite team will pay only if the favored team wins and also exceeds the point spread.

When a point spread is set well, the amount of money wagered on each team will be approximately even.