A point spread bet is a type of wager commonly used in sports betting, where a bookmaker sets a margin of points that one team must win by to cover the spread. For example, if the New England Patriots are favored by 7 points against the Miami Dolphins, they must win the game by more than 7 points for a bet on them to be successful. Conversely, if you bet on the underdog, in this case, the Dolphins, they can either win the game outright or lose by less than 7 points for your bet to win. This system aims to create a more balanced betting environment by making both teams equally appealing to bettors.