Super Bowl LVIII Results in Modest Profits for Sports Books

The Kansas City Chiefs made history as they won the Super Bowl title for the second year in a row, dashing the San Francisco 49ers’ hopes of victory. However, the exceptional performance of quarterback Patrick Mahomes at the Allegiant Stadium caused quite a stir in the sports betting world. Mahomes’ 11-1-1 record against the spread as an underdog resulted in significant losses for sportsbooks, particularly after the Super Bowl went into overtime, triggering multiple payouts.

But despite the financial hit, the MVP title awarded to Mahomes helped to balance the scales. This compensated for the loss and made the game even for the sports betting operators, as reported by the Las Vegas Review-Journal. The Chiefs’ back-to-back Super Bowl victory marked the second in the last five seasons, causing sportsbooks to suffer a significant financial blow.

“We lost on the game itself. It was a big swing for us with the Chiefs winning. We needed the 49ers going into it,” said Jay Kornegay, vice president of Westgate SuperBook. Las Vegas-based sports betting operators, including Caesars Sportsbook and BetMGM, took significant wagers on the 49ers but ultimately lost on the game. Caesars’ vice president of trading, Craig Mucklow, acknowledged that the game was good for the customers and admitted that the public had come out on top.

The Super Bowl going into overtime also boosted payouts, with the overtime prop bet reportedly paying about 9-1. This incurred a substantial loss for Caesars, with Mucklow commenting, “That was probably the biggest prop payout since I’ve been here.” Despite these losses, the sportsbooks generally agreed that the day was “a small winner.”

As the dust settled, it became evident that Mahomes had caused additional headaches for the books by exceeding his pass, touchdown, and rush props, while tight end Travis Kelce also exceeded his receptions and receiving yards props. However, Kelce not scoring a touchdown and Mahomes winning the Super Bowl MVP ultimately worked in the favor of the sportsbooks, as reported by LVRJ.

The Super Bowl also saw eight $1 million bets being placed. While some bettors, such as poker player Sean Perry, lost their bets on the 49ers, others won big on the Chiefs. One bettor won a $1.1 million bet on the Chiefs, and two others reportedly won a $1 million wager on the Chiefs. Despite the financial ebbs and flows, the spectacle of the Super Bowl continues to captivate sports fans and high-stakes gamblers alike, promising more excitement in the seasons to come.