The Kansas City Chiefs secured their second consecutive Super Bowl title, dashing the hopes of the San Francisco 49ers and causing significant losses for sports betting operators. Quarterback Patrick Mahomes’ exceptional performance at Allegiant Stadium resulted in major financial losses for sportsbooks, particularly due to his 11-1-1 improvement against the spread as an underdog.
Despite incurring multi-million-dollar losses, the MVP title awarded to Mahomes helped compensate for the operators’ losses, making the game even for them. The Chiefs’ victory marked the second consecutive title for the team and their third in the last five seasons. Despite slightly favoring the Chiefs, sportsbooks were disappointed with the game’s outcome, as they needed the 49ers to win.
Las Vegas-based sports betting operators, including Caesars Sportsbook and BetMGM, reportedly took $1 million wagers on the 49ers but ultimately lost on the game. The game was particularly profitable for the public, as sharp bettors were on the 49ers while the general public favored the Chiefs.
The game’s overtime finish resulted in significant payouts for bettors, with the overtime prop bets paying about 9-1. This caused substantial losses for some sportsbooks, but overall, the day was considered a small win for most operators. Mahomes’ successful performance in surpassing various prop bets was a cause for concern for sportsbooks, but his Super Bowl MVP title helped offset losses.
The Super Bowl LVIII also saw high-stakes betting, with eight $1 million bets placed. While some bettors lost significant amounts, others won substantial sums of money, ultimately contributing to the excitement and drama of the event. Despite the financial implications for sportsbooks, the Super Bowl remains a highly anticipated and celebrated event, with fans and bettors eagerly awaiting the next season.