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.
.@WilliamHill reports it lost $4,634,782 on the three huge bets on the Eagles. Overall, the sportsbooks saw bettors hit on 54% bets placed on the spread, 75% of the money-line tickets on the Eagles), and total 56% of bets placed on the over.
— A.J. Perez (@byajperez) February 5, 2018
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.
Jay Rood of @MGMRaceSports just confirmed that the $3 million #SuperBowl bet MGM books took was on the moneyline. Bettor got that wager in range of +150/+180. That means bettor won between $4.5 million and $5.4 million. @Covers#IBetTheBigGame
— Patrick Everson (@Covers_Vegas) February 5, 2018
Treasure Island in Las Vegas says the outcome was “horrible” and “disastrous.”
Per @TIvegas Tony Nevill on #SuperBowl outcome: "This was a horrible outcome, and one of the few times where props were so disastrous that it ruined the whole day." Likely reflects mood of many sportsbooks. @Covers #IBetTheBigGame
— Patrick Everson (@Covers_Vegas) February 5, 2018
CG Technology also reported losses:
Per @CGTechnology_ @jsimbal on #SuperBowl result: "Lost to the game. Mostly on moneyline. Small loss on spread. Props were no good, loser there too. Biggest loser was the alternate pointspread Eagles -7.5." @Covers #IBetTheBigGame
— Patrick Everson (@Covers_Vegas) February 5, 2018
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.