Charles K. McNeil (died 1981) is credited with inventing the point spread in sports gambling. Spread betting is any of various types of Wagering on the outcome of an event where the pay-off is based on the Accuracy of the wager rather than a simple McNeil earned a Master's Degree from the University of Chicago. The University of Chicago is a Private university located principally in the Hyde Park neighborhood of Chicago. He then taught math at the Riverdale Country School in New York and in Connecticut. Riverdale Country School is a co-educational independent college-preparatory day school in New York City. His students included John F. Kennedy. John Fitzgerald "Jack" Kennedy (May 29 1917&ndashNovember 22 1963 often referred to by his initials JFK, was the thirty-fifth President of He was also a securities analyst in Chicago. While gambling on the side, he developed the point spread, betting not on the probability of the final outcome, but on the expected difference in score. He eventually opened his own bookmaking operation.
Sources
- Excite Gambling Times, Winter 2001
- Bill M. Woodland, Linda M. Woodland. The Effects of Risk Aversion on Wagering: Point Spread versus Odds The Journal of Political Economy, Vol. 99, No. 3 (Jun. , 1991), pp. 638-653
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