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Thursday, July 16, 2020

Sportsbooks get crushed on Super Bowl betting thanks to Eagles upset


The outcome of the Super Bowl was a nightmare not just for the New England Patriots and their fans, but also for most sportsbooks. There was so much money bet on the Philadelphia Eagles either via the point spread or the moneyline that most books were hoping for a Patriots win.

Of note, there were several huge seven-figure bets placed on the Eagles that gamblers were able to cash on.

William Hill sportsbook took a lost of over $4.6 million on three massive bets on the Eagles alone. 54 percent of their bettors were on the Eagles side of the spread, and 75 percent of moneyline bettors were on the Eagles and received favorable odds.

Jay Rood of MGM sportsbooks says they lost over $4.5 million on one individual ticket where a better placed $3 million on the moneyline on the Eagles and cashed with odds of at least 3:2.

Treasure Island in Las Vegas says the outcome was “horrible” and “disastrous.”

CG Technology also reported losses:

Whenever an underdog wins a major event, sportsbooks tend to lose money because of the liability they face due to the long odds. In this case, the Super Bowl did not go their way, though we doubt anyone will shed a tear for them.

And when we’re talking about underdogs, let’s remind just how wrong the sportsbooks got the Eagles this postseason.

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