5 things you didn’t know about Super Bowl betting

The Big Game

TAMPA, Fla. (COVERS) — The Super Bowl is one of the rare times on the sports calendar that everyone – gambler or not – knows the point spread.

Big Game betting has massive mainstream appeal, as stories flood the news wires about the Super Bowl odds and who bookies think will win it all—or at least cover the spread. But in that fleeting moment of understanding also comes plenty of misunderstanding. 

Even seasoned Vegas veterans may not know these five facts about Super Bowl betting:

Public has the Power

The Super Bowl is a unique market in itself and unlike the entire regular season, and even the preceding playoff games, the line movement is not dictated by the opinions of respected big-time bettors – also known as sharps or wiseguys – but rather by the general public.

Super Bowl is the most popular game of the year, and the $10, $100 and $1,000 wagers from your Average Joe stacks up a lot quicker than action from sharp bettors.

Generally, books will be quicker to adjust a spread or total (in order to help balance action on either side) if wiseguys make a strong opinion on one particular bet. However, with two weeks to take wagers and knowing the betting public will hammer this game with both fists come Super Bowl weekend, sportsbooks are far less likely to react to early sharp money and move the Super Bowl odds.  

What Doesn’t Happen in Vegas

One of the most common misconceptions about Super Bowl betting – and sports betting in general – is that you can wager on just about anything in Las Vegas.

And Super Bowl prop betting has become a very popular talking point in recent years, thanks to crazy wagers like betting on the halftime shownational anthem and who the game MVP thanks first. Well, good luck finding those wagers at any sportsbook inside Nevada state lines (or Jersey or those other legal states).

The Nevada State Gaming Control Board is very sticky about what you can and can’t bet on, and unless that prop is defined in the box score of the game or decided on by a legitimate source, books can’t offer odds on it. Heck, they just offered Super Bowl MVP odds for the first time in 2016.

Granted, New Jersey books and other states have done a good job pushing the boundaries of novelty odds (offering betting on the color of the Gatorade bath), but are still handcuffed when it comes to those whacky wagers on Super Sunday.

If you see odds on things like, “How many Doritos ads will there be by halftime?”, “Which song will the Weeknd open with?” or anything based on the quarterback’s girlfriend, those are coming from online sportsbooks overseas or offshore.

Those operators aren’t limited to strict regulations and basically grade these props on their own accord. So winning bets on the length of the national anthem, for example, could vary from book to book depending on how they timed it and graded it.

Those so-called “Vegas odds” you love to talk about so much are more like “Costa Rica odds.”

You Aren’t Betting $1 Million on the Coin Flip

We’ve all heard the wild wagering stories of the high roller who wagered $1 million on some whacky-ass prop. It doesn’t matter how many mattresses they sold, it didn’t happen.

Sportsbooks protect themselves from losses when it comes to unpredictable props—that’s how they keep the lights on. They don’t take risks. Things like the coin flip prop have tight limits, even for a game as big as the Super Bowl. 

Betting “Heads” or “Tails” comes with a cost, with books setting the juice (price of making a bet) as high as -130. That means you must wager $1.30 for every dollar you want to win. And that bet size maxes out anywhere from $500 to $5,000, depending on where you wager. So even if you hit your coin flip play with a max bet, you’re only looking at a payout of $3,846.

Million-Dollar Bets are Rare—Even for the Super Bowl

While we’re on the topic of $1 million wagers, these aren’t as common as you think (though there have been more showing up in recent years and sportsbooks love to flaunt them for the extra PR). Even in the expanding legal gambling landscape, in which every notable bet is reported and tweeted about, a true million-plus bet is a unicorn of sorts.

Every so often a whale wonders into the Super Bowl betting handle, dropping a few milli on the Big Game. But books don’t have to accept that bet, and some don’t want to. The stars must align, somewhat, to place these million-dollar wagers. You can’t just walk into a sportsbook with a briefcase full of money and lay the Chiefs—These million-dollar bets are often called in ahead of time or arranged through a casino host if the book is connected to a landbased casino.

The sportsbook must have a handle (total pool of money bet on the game) or expect handle that can balance that type of action, and they must also get approval from their respective “powers that be” to take it. There are always rumblings behind the counter of million-dollar bets coming in during Super Bowl week, but most of the time these wagers never show up.

And when they are real, the thing you don’t hear in these big bet stories is that the massive wager is often chopped up into smaller bets and spread across different odds and vig. A book may let a $1 million bettor get down $250,000 on the original line but then will adjust their numbers and take another $250K at a new spread, total or price and so forth, limiting their liability with every piece of that million that is wagered. So while that player may have $1 million on the line, it’s actually spread across a series of single tickets at varying odds.

The person placing the bet is also vetted and is often a known casino or sportsbook player with good standing and accounts with that property. Don’t confuse bet size with betting knowledge. Bookies will happily take sizable bets from casual sports bettors but often limit the amount of action the true sharp players can get down—something we’re seeing more and more of in today’s betting America. 

As for putting million-dollar bets on the Super Bowl at online books, there are a small handful of shops that will take that type of money and even fewer that would admit it, as to avoid showing up on the radar of headhunting anti-gambling government task forces.

Frantic 48 Hours

The Super Bowl odds have two weeks to draw action but like a slacking college student cramming for exams, most bettors wait until the last minute. 

Sportsbooks estimate that about 95 percent of the total betting handle on the Big Game comes in the final 48 hours before kickoff: Saturday and Sunday. As game buzz reaches a fever pitch, tourists pile into the casinos and mobile players light up their apps, slamming sportsbook counters and flooding the web platforms with online traffic during Super Bowl weekend. 

There was about $154.6 million bet on Super Bowl LIV in Nevada last year and an estimated $6.8 billion wagered on the NFL finale in the United States alone, through online shops and illegal bookie operations. That means that in that final two days, roughly $6.46 billion was wagered on the Super Bowl. 

That’s $134,583,333 per hour.

Where Can I Get the Best Super Bowl Odds?

You can bet on Super Bowl odds at every online and casino sportsbook, including NFL Super Bowl moneylines, spreads, Over/Under totals and a ton of Super Bowl prop odds. Head over to our best-suggested sportsbooks for the top spots to bet on Super Bowl odds in your area.

Copyright 2021 Nexstar Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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