It was one of the biggest sports betting events of the year. However, Super Bowl betting this year fell dramatically in Las Vegas, with wagers totaling nearly $152 million. That was a noticeable decline from last year when players staked over $185 million on the big game.
Somehow, sports books in Sin City were still able to rake in more than a $22 million win, according to the Nevada Gaming Control Board. One reason for the sharp decline was due to a lack of large bets. There were five bets of $1 million on the game last year in Vegas. But this year? Not a single one.
This may seem confusing at first, but there are some very concrete reasons why this years Super Bowl betting fell so much shorter that last year. The first that comes to mind is that the game was not in Las Vegas. Without the crowds brought in for the event (most of whom stayed at resorts that have sports books), there simply wasn’t the volume from last years game.
Additionally, last year’s game featured a team from California, which translated to a lot more local sports fans either living in Las Vegas or half a day’s drive away. Still, how were Nevada bookmakers able to profit more from this years game even though the handle was so much lower? Good question!
First, we must remember that the Philadelphia Eagles were actually underdogs in this game, even if the line was one meager point. Most bettors were backing the Chiefs to win a third consecutive time. Second, there was a surge of halftime betting while the Eagles held a 24 point lead, as players began placing bets on a Kansas City comeback that never happened.
BetMGM took the largest wagers for Super Bowl betting in Nevada this year, with two players risking $750,000 each, plus six players placing six-figure bets on the under. The company’s senior trading manager, Christian Cipollini, stated that it was the “…the biggest betting event in BetMGM history… and was one of the best single-game results in company history.”
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