For the second straight season, the Kansas City Chiefs won the Super Bowl title to seemingly turn the San Francisco 49ers’ title dreams into sleepless nights of regrets. However, the outstanding performance by Patrick Mahomes at Allegiant Stadium has troubled sports betting operators too. Mahomes’ 11-1-1 improvement against the spread as an underdog helped bettors win money to incur multi-million-dollar losses by sports books, especially after the Big Game went in overtime, triggering multiple payouts to overtime and prop bets. However, the MVP title awarded to the Chiefs quarterback has compensated for the loss to make the game even for operators, as the Las Vegas Review-Journal (LVRJ) reports.
Chiefs Winning to Make a Swing for the Books:
The first Super Bowl in Las Vegas marks the second consecutive title for the Chiefs and their third in the last five seasons. The odds have slightly favored the Chiefs, and the sportsbooks were therefore looking to benefit from a different score. “We lost on the game itself,” Westgate SuperBook vice president Jay Kornegay reportedly said. “It was a big swing for us with the Chiefs winning. We needed the 49ers going into it.”
According to LVRJ, Las Vegas-based sports betting operators, Caesars Sportsbook and BetMGM, took $1 million wagers on San Francisco 49ers but lost the game. Caesars vice president of trading Craig Mucklow reportedly said: “The game was good for the customers. The sharps were on the 49ers, and the public was on the Chiefs. It was a great comeback by the public on the game.” MGM Resorts director of trading Lamarr Mitchell reportedly shared the same opinion. “The public got the best of us today,” he said.
Overtime Boosting Payouts:
As LVRJ reports, the Kansas City Chiefs became the first back-to-back NFL champion since the Patriots in the 2003 and 2004 seasons. But the 49ers were a tough opponent forcing the game to go to overtime. As expected, both teams left their hearts on the field of the Allegiant Stadium to eventually bring the sweet taste of victory to the Chiefs but also to the bettors as the overtime prop bet reportedly paid about 9-1. With the average bet on overtime having been $16, the extension reportedly incurred a 7-digit loss to Caesars.
Mucklow reportedly commented: “That was probably the biggest prop payout since I’ve been here.” According to LVRJ, the Westgate was also affected by the game going to overtime, but Kornegay reportedly said: “I think we’re going to be OK for the day. It’s going to kind of be a wash, maybe a small loser for the day once the smoke clears.”
MVP Mahomes Compensating for the Loss:
Sportsbooks generally agree that the day was ”a small winner, ” as Red Rock Resort sports book director Chuck Esposito reportedly said, noting that it was anyway ”a record Super Bowl handle for us here at Stations.”
Also, South Point sportsbook director Chris Andrews reportedly said: “Nothing great, but not too bad either. We wound up a little better than I expected.” As reported, Mahomes exceeded his pass, touchdown, and rush props, while Travis Kelce went over his receptions and receiving yards props to cause bookmakers headaches. But that was cured with Kelce not scoring a touchdown and Mahomes winning the Super Bowl MVP, according to LVRJ.
“Kelce scoring a touchdown would’ve been icing on the cake for the customers. I thought we were going to be the tortured trading department,” Mucklow reportedly said. “But I think we’ll come out OK on the props. Only McCaffrey scored a touchdown. None of the other marquee touchdown scorers scored, which usually goes to the same-game parlays. If you count the MVP prop, we won big on Mahomes. That wiped out the overtime loss. And the Chiefs were a great one on the futures.”
Eight $1 Million Bets Placed:
The Super Bowl, the most significant sporting event of the year in the US. The event offers tons of fun and represents a chance for many to discuss teams, players, audience, celebrities, and their romantic or other relationships. At the same time, some fans may stand out with their image, style, or preps used to celebrate their respective team or anything else. The same applies to high-stakes gamblers whose winnings or losses are an integral part of the show. During Super Bowl LVIII, eight, $1 million bets were reported to include a $1.1 million wager by the poker player Sean Perry. As reported, he lost his bet on the 49ers. On the other hand, one bettor won a $ 1.1 million bet on the Chiefs+2, and two other bettors reportedly won a $1 million wager on the Chiefs +2. The show goes on, see you next season!
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