Charles K. McNeil
Encyclopedia
Charles K. McNeil is the inventor of the point spread
in sports gambling. McNeil earned a Master's Degree from the University of Chicago
. He then taught math at the Riverdale Country School
in New York and in Connecticut. His students included John F. Kennedy
. 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 in the 1940s. Charles McNeil method is used today in different areas: anything from basketball to poker
. He started the new method of trading and changed the way people bet.
Spread betting
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 "win or lose" outcome, such as fixed-odds betting or parimutuel betting. A spread is a range of outcomes and the bet is whether the outcome...
in sports gambling. McNeil earned a Master's Degree from the University of Chicago
University of Chicago
The University of Chicago is a private research university in Chicago, Illinois, USA. It was founded by the American Baptist Education Society with a donation from oil magnate and philanthropist John D. Rockefeller and incorporated in 1890...
. He then taught math at the Riverdale Country School
Riverdale Country School
Riverdale Country School is a co-educational, independent, college-preparatory day school in New York City. One of the most competitive private schools in the nation, it is located on two campuses covering more than in the Riverdale section of The Bronx, New York.-History:Founded in 1907 by Dr...
in New York and in Connecticut. His students included John F. Kennedy
John F. Kennedy
John Fitzgerald "Jack" Kennedy , often referred to by his initials JFK, was the 35th President of the United States, serving from 1961 until his assassination in 1963....
. 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 in the 1940s. Charles McNeil method is used today in different areas: anything from basketball to poker
Poker
Poker is a family of card games that share betting rules and usually hand rankings. Poker games differ in how the cards are dealt, how hands may be formed, whether the high or low hand wins the pot in a showdown , limits on bet sizes, and how many rounds of betting are allowed.In most modern poker...
. He started the new method of trading and changed the way people bet.