Arbusers

PK in betting is short for pick'em, pk'em, or pick, and it's a term related to point spread betting. Pk'em happens when oddsmakers assess that there's no clear favorite in the game, i.e., they grade both teams to be even in strength. So, PK refers to even money wagers in point spread betting, where the point spread is zero (+0 or -0).

PK explained

A point spread represents the oddsmakers' and the betting market's best guesses on the numerical separation between two competitors. Point spread can also be seen as the expected final score difference between the two teams. Commonly, there is a clear favorite and a clear underdog in any matchup. Charles McNeil, an ex-math teacher who became a bookmaker, invented a point spread before World War II to level the playing field and induce more money to be wagered on the games. Nowadays, point spread bet is the most popular and greatly enjoyed form of betting. Mastering it is an excellent way to become a real handicapper that attains significant profits.

So, in point spread betting, both teams are given a set number of points to be added to or subtracted from their final score to determine the game's point spread winner. Players who want to walk away with the winnings from a game must be able to beat the point spread examples determined at the game. A spread like PK or pick'em means the spread is 0 for both teams, meaning both teams have equal chances of winning and will have the same odds as per point spread tie rules.

If the team you bet at a PK wins, you win your bet straight away. However, if the match ends in a draw, it's considered a push, and your bet is refunded. If a punter bets on a game where the odds points spread betting has even odds, then the amount they bet is what they will receive at the end of the match in over-under point spread betting. Let's say there is the NFL betting line, where The New York Jets hosts the New England Patriots, and the line is pk 'em. The winner of this game covers the spread straight-up. Yet, such a situation is rare. According to the same authors, in the 9944 NFL games taking place from 1980 to 2019, there were only 114 pk'em lines, making for as little as 1.14 percent.

A PK example

So, when to expect a PK situation, and what could be its reasons? Let's break it down on the Cleveland Browns (PK) and Pittsburgh Steelers (PK) example. We will follow The Lines' description of the spread available for the 2021 NFL season, taken from the DraftKings Sportsbook.

In Week 17, there was a marquee matchup between playoff hopefuls and division rivals, the Cleveland Browns and Pittsburgh Steelers. The Cleveland Browns entered 2021 off a breakthrough season in which they won a playoff game in Pittsburgh. However, they returned all of their core pieces, with most of them at an age when they should be improving rather than declining. Still, hopes are high among the long-suffering fan base. In the meantime, after years of success, the Steelers seem to be a team in decline that lost many pieces from a once-elite offensive line. What's more, QB Ben Roethlisberger may be on his last legs. Yet, the team managed to put together an elite defense last season. As a result, the market considers the Pittsburgh Steelers quite competitive with the Cleveland Browns. Also, the home field seems to negate the latter's talent advantage completely. All in all, both teams are graded evenly.

pk = DNB = HDP (0)