BetMGM Oddsmakers Say Chiefs Overtime Victory ‘a Bad Super Bowl’

Posted on: February 12, 2024, 12:49h. 

Last updated on: February 12, 2024, 12:58h.

Devin O'Connor @CasinoorgDevinO Read More
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BetMGM oddsmakers say the Kansas City Chiefs’ 25-22 overtime thriller was “a bad Super Bowl” for the sportsbook.

BetMGM Super Bowl betting sportsbook
Patrick Mahomes and Mecole Hardman Jr. celebrate after winning Super Bowl LVIII on Sunday, Feb. 11, 2024. The Kansas City Chiefs’ win was a bad Super Bowl for sportsbooks, including BetMGM. (Image: USA TODAY Sports)

In a statement provided to Casino.org on Monday, BetMGM’s senior trader Tristan Davis explained the retail and online sports betting operator had considerable liability on the Chiefs. Several prop bets also went the bettors’ way.

It was a bad Super Bowl for the sportsbook. Many bettors had the Chiefs winning and overs on popular player props,” said Davis.

BetMGM took a $300K bet on the Chief spotting two points, and a moneyline bet of $125K on Kansas City at +110. A bettor also plopped down $100K on the coin flip landing on heads (-105), which it did.

Lopsided Bets

 The morning after the Super Bowl, BetMGM revealed that it was rooting for the San Francisco 49ers to win the big game.

The Chiefs were responsible for nearly 75 cents of every $1 bet on the spread and 63% of the spread money wagered. Kansas City also dominated the moneyline action, as the Chiefs accounted for 75% of the bets and 72% of the handle.

The sportsbook co-owned by MGM Resorts International also reported losing on several popular player props, including Chiefs quarterback Patrick Mahomes running for more than 25.5 yards (-125) and tight end Travis Kelce catching for over 69.5 receiving yards (-135).

BetMGM additionally reported heavy action on Christian McCaffrey scoring the first touchdown (+375) and on an anytime McCaffrey TD (-210). The sportsbook also said Niners QB Brock Purdy running for at least 11.5 yards (-120) was a popular prop bet.

Other books reported on social media that the game going into overtime was a losing proposition for oddsmakers. The line for OT was around +900, as only one Super Bowl before yesterday had gone to extra minutes — the 2017 game that the New England Patriots won 34-28 against the Atlanta Falcons.

Streak in Jeopardy

Since Nevada began tracking oddsmakers’ performances on the Super Bowl in 1991, the books have lost only twice.

The house lost Super Bowl XXIX played on Jan. 29, 1995, when the 49ers covered an 18.5-point spread to win convincingly 49-26 over the San Diego Chargers. Nevada sportsbooks lost nearly $400K on about $69.6 million in action for a -0.6% hold.

Nevada oddsmakers also lost Super Bowl XLII played on Feb. 3, 2008, when Eli Manning and the New York Giants upset Tom Brady and the New England Patriots 17-14. The Patriots were 12-point favorites but lost when Giants wide receiver David Tyree performed the miraculous “Helmet Catch” by pinning the ball against his helmet with less than two minutes remaining. The spectacular catch resulted in a 32-yard gain that set up a game-winning touchdown moments later.

The books that year lost nearly $2.6 million on $92.1 million bet for a -2.8% win rate. The Patriots went undefeated during the regular season but the underdogs attracted much of the Super Bowl action.

Since the 2008 Super Bowl, Nevada oddsmakers have run off 15 straight NFL title games on the winning end. With BetMGM disclosing that Sunday’s big game was “a bad Super Bowl,” it could mean the streak came to an end Sunday night in Las Vegas.

The Nevada Gaming Control Board is expected to release the state’s Super Bowl LVIII sports betting report later on Monday.