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If the spread is set at +7, the underdog must either win the game outright or lose by fewer than seven points in order to cover. For the favorite to cover, they must win by more than seven points.
The players began posting this word after the Big Ten conference banned coach Jim Harbaugh from coaching on the field. Apparently the word caught on to Harbaugh, who shouted Bet! after the Wolverines captured the Big Ten title on Saturday over Iowa.