Definition of Virtual Coin Flip

What does the term "virtual coin flip" mean in the world of betting? What is the definition of the term "virtual coin flip"?

In the world of sports betting, a "virtual coin flip" occurs when two teams (or players) have virtually identical odds of winning.

When you flip a coin, the odds of the coin landing either heads or tails are 50/50 over time. If the odds for a game look like this:

Team A to Win, 2.70
Team B to Win, 2.70

This means that the bookmakers feel as though either team has an equal chance of winning. This creates a "coin flip" situation, where either Team A or Team B could have an equal chance of winning the contest.

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In the NFL, every outcome that involves the spread is a virtual coin flip, as the bookmakers set the line in such a way that there is an equal chance of both outcomes taking place. For instance, the Seattle Seahawks may be much better than one of their opponents, but if the bookmakers are giving the Seahawks' opponents 17 points, the game becomes a "virtual coin flip".