In sports betting, “PK” is an abbreviation for “pick” or “pick’em” and refers to even money wagers in point spread betting. PK simply means that neither team is the favorite nor the underdog, so the point spread is zero.
Whenever you place a PK bet, you are essentially wagering on one team or the other to emerge victorious regardless of the winning margin. Consequently, if not for the juice, you’d always risk a dollar to win a dollar with a bet of this type.
Let’s consider the following situation: two teams are supposed to play an important Super Bowl match, but one of the star quarterbacks has been injured before the game and the point spread has been narrowed to the point where it became a PK game.
In such a case, you’d usually see something like Team A – PK (-110), Team B – PK (-110) advertised by the sports books. This would mean that you’d have to bet $110 on either team for a chance to win $100 if your team manages to emerge victorious from the game.
Keep in mind that while even money bets are fairly popular in some casino games like Roulette or Craps, the abbreviation PK is never used when referring to them. In sports betting, even money bets are often marked using EV instead of PK.