DraftKings, Others Will Be Rooting for the Eagles to Win Super Bowl: Most Bets on Chiefs
This year's Super Bowl promises to be the most wagered on sports event of the year with some estimates suggesting $25 billion will be bet, quite possibly smashing all prior records.
But one thing the books do not want is a Kansas City Chiefs victory.
From Seeking Alpha:
"Interestingly, the Super Bowl revenue comparison for sportsbooks is favorable because the estimated hold rate on the betting action for last year's game was very low, with BetMGM, Westgate SuperBook, and Caesars Sportsbook even reporting a loss on the game. The issue was that the sportsbooks were collectively unbalanced on the moneyline winner and point spread because they assumed the public went too heavily for the Chiefs amid the Taylor Swift wildcard.
"Heading into the Super Bowl, sportsbook operators Fanduel (NYSE:FLUT), DraftKings (NASDAQ:DKNG), and BetMGM (MGM) saw solid performance during the last three weeks of the playoffs in terms of hold rate. This year, several sportsbooks have said their futures liability (long-term bets) is greater with the Kansas City Chiefs winning, which means they will be rooting for the Eagles on that front. The other wildcard for sportsbooks operators that will impact the Q1 earnings reports down the road is the percentage of high-value parlay and proposition bets that hit, since they generate the highest margins for the house."
The line initially opened at -2 and dropped to -1.5 points and the money line setting at -130 for the Chiefs. Patrick Mahomes, Saquon Barkley, and Jalen Hurts are the overwhelming favorites to win the MVP.
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