Caesars, BetMGM House Some Of Super Bowl LVII’s Biggest Bets
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As the Super Bowl inches closer, sportsbooks are beginning to take some of the year’s biggest bets.
Super Bowl Betting Background
The Super Bowl is notoriously known for being the subject of some of the biggest bets that sportsbooks see in the calendar year. Last year’s Super Bowl betting handle was nearly five times bigger than any other NFL game. Several states have legalized sports betting since last year’s game so it’s expected that this year’s handle will be even bigger.
The American Gaming Association recently estimated that roughly $16 billion would be wagered on Super Bowl LVII, the most in the game’s history. 50.4 million adults are projected to bet on the game, a 61% increase from last year.
The game is also taking place in Arizona, which offers legal wagering, and at State Farm Stadium, which is home to the league’s first on-site sportsbook.
What’s the lock for The Big Game? 🔒 pic.twitter.com/Shb41csYAV
— BetMGM 🦁 (@BetMGM) February 8, 2023
Big Bets At Caesars Sportsbook
On Jan. 30, Caesars Sportsbook reported that within just one hour of posting their Super Bowl LVII odds, they had taken 24 spread or moneyline bets worth $10,000 or more. 88% of those bets were in favor of the Eagles.
The first six-figure Super Bowl LVII wager that Caesars reported was from a bettor in Washington D.C. who put $131,584.75 on Eagles -2. The potential payout is $119,622.50.
Other huge bets have been taken since, including an Arizona bettor who put down $314,000 on an alternate Chiefs spread (+3.5). Another bettor, hailing from Michigan, wagered $220,000 on the under (51 points).
The biggest prop bet recorded by Caesars so far is a $35,000 bet that a kickoff or punt will not be returned for a touchdown; at -1400, the payout would be $2,500.
ESPN reported the top ten prop bets that Caesars have taken and bettors are keen on Travis Kelce. The top two most-bet on props are an anytime Travis Kelce touchdown (-115) and Travis Kelce to be the first touchdown scorer of the game (+550). An anytime touchdown from Jalen Hurts (+105) is the third-most popular prop bet, followed by another Travis Kelce prop: to score two or more touchdowns (+460).
Our opening Super Bowl odds debuted on the @CaesarsPalace marquee last night 😍#SBLikeACaesar pic.twitter.com/tjXZmpycUX
— Caesars Sportsbook (@CaesarsSports) January 30, 2023
Eagles A Heavy Favorite
As of Feb, 3, 74.9% of tickets on spread bets at Caesars were on the Eagles,
“I’m a little surprised with how lopsided the spread action has been so far,” Adam Pullen, Assistant Director of Trading at Caesars, said in a press release. “Usually when games are closer to pick, you’re more likely to have balanced action. I guess this is a result with how good the Eagles have looked, but just because the Chiefs only beat the Bengals by 3 at home that shouldn’t be a mark against them.”
Caesars currently lists the Eagles as 1.5-point favorites as do most other major sportsbooks.
BetMGM Takes Biggest Bet So Far
On Feb. 4, the stakes got even higher, and again, in the Eagles favor. BetMGM reported that it took the game’s first seven-figure wager, as a bettor wagered $1,000,000 on the Eagles moneyline (-125), five years to the day after the Eagles beat the Patriots in Super Bowl LII. The million-dollar bet would payout $800,000. While this is the biggest bet this year, it’s not bigger than last year’s $5,000,000 bet placed by Mattress Mack on the Bengals moneyline.
Other sportsbooks like DraftKings and FanDuel have yet to detail their biggest bets though it all may be revealed soon, as the days to the Super Bowl wind down.
