The team that is expected to win the game based upon the point spread is the favorite. The favorite is easily identifiable based upon the team that has a negative point spread. Conversely, the team that is expected to lose the game based upon the point spread is called the underdog. The underdogs always have a positive point spread.
In the example below, the Philadelphia Eagles, the favorite, are expected to beat the Washington Redskins, the underdog, by 8.5 points. In order for the Eagles to cover the point spread as the favorite, they would need to win the game by more than 8.5 points. The Redskins would cover the point spread if they lose by less than 8.5 points or win the game outright.
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