BigtimeColtsfans
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The point is, the point spreads are historically reliable means of assessing probabilities. They aren't infallible, and nobody has ever claimed they were, to the best of my knowledge.
Here's an example of how using the odds properly can both help in your assessments and make you some money:
Breeders' Cup: How Often Do The Favorites Win? - Oddjack
Vegas is another valuable information source. It may be no more than that, but it's certainly no less than that.
I don't know about you, but I don't anyone who over the long run has been successful gambling. Point spreads might tell you who is likely to win the game, but you could figure that out just by looking at the teams records or knowing a little about the team.
I'm just saying point spreads don't mean crap except to gamblers.