Posted on: February 15, 2022, 06:55h.
Last updated on: February 15, 2022, 06:55h.
Nevada oddsmakers reported record action on Super Bowl LVI, bettors plopping down $179,823,715 in wagers on the big game between the Los Angeles Rams and Cincinnati Bengals.
The more than $179.8 million bet on the Rams narrow 23-20 victory over the underdog Bengals easily topped the previous all-time high mark of $158.58 million experienced in 2018. But Sunday’s big game that saw Los Angeles claim the Vince Lombardi Trophy was a much better night for bookmakers.
Nevada oddsmakers in 2018 kept just 0.7 percent of the bets from the Philadelphia Eagles’ 41-33 upset over the New England Patriots for a paltry win of $1.17 million.
Sunday was a much different story. Nevada sportsbooks came out on top of the Super Bowl LVI action by 8.6 percent. The hold rate equated to a win of over $15.4 million for the house.
While Sunday was a major win for Nevada books — the third highest win in the past 10 years — the state’s record win of $19.67 million set in 2014 stands.
Action Keeps Growing
Nevada held a monopoly on moneyline and spread sports betting in the US until the Supreme Court in 2018 punted the federal ban that had limited such gambling to the state. While some outsiders pondered whether legal sports betting across the nation would hurt Las Vegas, insiders there voiced few trepidations.
Then-MGM Resorts CEO Jim Murren likened it to states legalizing commercial casinos over the years. Murren said in 2018 that the proliferation of casinos across the country only strengthened Las Vegas.
The casino executive explained that when new gamblers get a taste of a casino in their home state, they end up yearning to experience “the undisputed leader” and eventually book a trip to Southern Nevada.
Sunday was evident that Murren’s outlook was correct. Along with some pent-up demand after Las Vegas wasn’t exactly Las Vegas during the 2020 and 2021 Super Bowls, oddsmakers say big bets are increasing. The neighboring Rams being in the big game was also cited for the record action.
I guess the expansion of sports betting isn’t hurting Las Vegas,” said Westgate SuperBook Vice President Jay Kornegay. “The popularity of sports betting is skyrocketing around the country. Eventually, these players want to come to Las Vegas.”
Oddsmakers hit the elusive sports betting trifecta on Sunday. One of the best-case scenarios for the house, the Rams’ three-point victory didn’t cover the 4.5-point spread and the game stayed below the over/under of 48.5 points.
Sportsbooks reported that much of the Rams action came with ticket slips spotting the Bengals the 4.5 points, and the majority of the over/under money was on the over.
“Most people betting on the Rams were laying points, and people betting the Bengals bet them to win the game. But the under was the big one,” Bob Scucci, Boyd Gaming sportsbook vice president, explained to the Las Vegas Review-Journal.
After a wild NFL Playoffs that saw two games go into overtime and five others decided by three points, Nevada oddsmakers also welcomed Super Bowl ending with the fourth quarter. Caesars Sportsbook reported considerable action on its overtime prop, which forced the book to slash the line from +1100 to just +750.