How to read FanDuel alt spreads: a real ladder, explained
A FanDuel alt spread is the same game spread moved to a different number, with the price changed to match. Moving a team's spread in its favor makes the price more expensive; moving it against the team pays more.
You read it in two steps: the number (how many points the team must win or lose by) and the price (what the market thinks that number is worth).
First, the main spread
The main spread is the central line, priced near even money on both sides. For the Los Angeles Rams at the Washington Commanders on Sunday, November 8, FanDuel's snapshot that morning had Rams -5.5 at -108 and Commanders +5.5 at -118. Rams -5.5 means the Rams must win by 6 or more; Commanders +5.5 means Washington wins, or loses by 5 or fewer.
Then the ladder
FanDuel lists alternates in half-point steps. Here is the Rams' side of the same game, the number then the price, with the implied percentage of each price.
| Rams spread | FanDuel price | Implied % | |---|---|---| | Rams -1.5 | -215 | 68.3% | | Rams -3.5 | -138 | 58.0% | | Rams -5.5 (main) | -108 | 51.9% | | Rams -6.5 | +114 | 46.7% | | Rams -7.5 | +150 | 40.0% | | Rams -9.5 | +186 | 35.0% |
Read it top to bottom: every added point the Rams must win by lowers the implied chance and raises the payout. Each step is a trade between number and price. Prices are a snapshot taken the morning of November 8 and move through the day.
What one point is worth
Football margins cluster on certain numbers, which is why the price jumps are not even. In the ladder above, going from -5.5 to -6.5 changes the price from -108 to +114, a swing of about 5 percentage points in implied probability. From -6.5 to -7.5 it is about 7 points. A move across a common margin such as 3 or 7 usually costs more than a move across a rare one.
How to convert and compare
1. Convert the American price to a percentage (negative: 108 ÷ (108 + 100); positive: 100 ÷ (price + 100)). Full steps are in implied probability explained. 2. Compare the percentages across the ladder to see how the book values each margin. 3. Check the team's actual margins this season on ESPN. If a team has won by 6 or more in a share of its games well above the price, that is worth a closer look, though a small sample proves nothing. 4. Check injuries to quarterbacks, linemen and key skill players before the game.
Alt spread or main spread?
An alt spread makes sense to research when your read of the game margin differs from the main line. Buying points (a bigger cushion) costs more; laying extra points pays more. Neither is better by default. The extra number only changes the price of the outcome you are researching.
Alt spreads are priced with the same built-in margin as any market. On the main Rams-Commanders spread, the two prices (-108 and -118) add up to about 106% rather than 100%; that extra 6% is the book's margin. See the same idea in the alternate line guide.
Where to find them
On FanDuel, open the game and look in its Spread market for the alternate numbers. Compare with DraftKings the same way. DARIMARKET's hit-rates page pulls FanDuel and DraftKings prices next to each player's record so you can see number and price together.
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FAQ
What is an alternate spread on FanDuel? It is the same game's point spread at a different number, such as Rams -7.5 instead of -5.5, with the payout adjusted to the new number.
Why do some alt spreads pay more than the main spread? A bigger margin to win by is less likely, so the price pays more. A smaller margin or extra cushion is more likely, so the price is more expensive.
Is a bigger alt spread cushion always safer? A bigger cushion is reached more often, but the price rises to match. Safer means it happened more often in the past, never sure; the favorite can still lose outright.