The Baltimore Ravens are underdogs by a little bit over a field goal in Super Bowl XLVII - although they've done a good job playing in that role so far in the NFL Playoffs.
The San Francisco 49ers are slight favorites in Super Bowl XLVII, as they're still favored by a little bit over a field goal to win over the Baltimore Ravens.
After the line opened with the 49ers as five-point favorites, the line has shifted slightly to leave the Ravens as 3.5-point underdogs. There hasn't been a big shift in the line: as OddsShark wrote, betting has come in pretty evenly - although at least one sportsbook is heavily pulling for the 49ers.
As such, the Ravens are still slight underdogs, although they shouldn't feel completely uncomfortable in that role, as they've had to defy expectations in each of their first two playoff games: the AFC North Champs were nine-point underdogs in a divisional round the Denver Broncos, and won that game in double overtime. And they were eight-point underdogs in the AFC Championship game the New England Patriots - and once again, they got the win, easily handling the Pats 28-13.
The bad news is that Baltimore was only 6-9-1 against the spread in the regular season, losing straight up in five of six games in which they were underdogs. San Francisco, on the other hand, was 9-7 against the spread in the regular season, and covered the spread in both of their playoff games, having been favored in both.
The over/under is 47.5 - a tough call, since the Ravens averaged 24.9 points per game on the season and the Niners averaged 24.8.
Here's the info on the lines for the Super Bowl, per OddsShark:
Opening line: 49ers, -5
Current line: 49ers, -3.5
Money lines: Ravens, +140, 49ers, -170
You can find all SB Nation's coverage of Super Bowl Odds here - from the game itself to the point spread to the long, long list of prop bets ranging from the Super Bowl MVP to coin flip (go tails) to first and longest touchdown bets to tthe length of Alicia Keys' national anthem to tthe Gatorade color to cross-sport props to Harbowl bets to TV ratings.