Super Bowl LVIII Betting Handle: Rough Day For Sportsbooks
Record-Setting Amount Bet on Big Game
It took a while, but the Super Bowl between San Francisco and Kansas City lived up to the hype. It was just the second Super Bowl to reach overtime. From a betting perspective, there was plenty of money wagered on the game, although individual states won’t release actual figures for weeks. From all accounts, the Super Bowl LVIII betting handle set an all-time record. But it didn’t have the ending the sportsbooks were hoping for.
It was a bad Super Bowl for the sportsbook,” Tristan Davis, senior trader for BetMGM, said in a press release. “Many bettors had the Chiefs winning and overs on popular player props.”
The consensus among sportsbooks is nearly 70% of the amount wagered on the game came in on the Chiefs. That includes both point spread wagers and moneyline bets. Sportsbooks received massive wagers on the 49ers. But it wasn’t enough to stem the tide on such a heavily bet game.
Two of the best-known large bets came from Drake and sports bettor/poker player Sean Perry, who lost $1.1 million on the 49ers. Drake placed $1.15 million on Kansas City.
The Super Bowl LVIII betting handle also saw a late move on the over/under at some sportsbooks. After settling in between 47 and 47.5 for nearly two weeks after the championship games, some sportsbooks dropped the number to 46.5 Sunday afternoon. Having the game land on 47 points was about the worst outcome for the sportsbooks that lowered the total.
Bettors Hit Many Prop Bets
While the Chiefs had a number of prop bets, San Francisco’s Christian McCaffrey was fairly well-backed to be the first player to score a touchdown in the game. He did exactly that at odds of +340 or higher to give most 49er backers a winner there.
Patrick Mahomes was the favorite to win the MVP Award at odds of +135 and came through with a big performance. After a slow start to the game, Mahomes came up big in the second half, going over the total in passing and rushing yards.
One of the few things that went the sportsbooks’ way on Sunday was Travis Kelce not scoring a touchdown. That was a popular wager. But Kelce did have Kansas City’s first reception of the game, where he was roughly +175 to do so. A number of the Super Bowl LVII betting handle wagers involved Kelce and/or McCaffrey.
But a number of bettors also played the game going into overtime at odds greater than +1000. That was a fitting end to a disappointing Super Bowl LVIII for the sportsbooks.
For gambling news, odds analysis, and more, visit Point Spreads Sports Magazine.
