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Bookies incurred more losses from Super Bowl XLV than they had in any single Super Bowl in recent memory, according to the L.A. Times. And that means the public, and especially your average occasional bettor, came away with big winnings.The three biggest factors in Vegas’s big loss were:
- The Packers, three-point favourites, were getting most of the action, and covered.
- The score easily exceeded the over/under, which as of game-time was 45.5, and the public almost always bets the over.
- At halftime Vegas sets a unique spread for the second half, that typically only garners action from the sharps. They had Pittsburgh, who trailed by 11 at halftime, favoured by 2.5 points. Many sharps recognised the value and bet heavy on the Steelers who covered, here.
Really, Vegas’s bad day is no surprise. Amateur bettors usually like the favourite, and always find the over/under too low, preferring to root for more points. That’s why yesterday’s Super Bowl was a doomsday scenario for Vegas.
The ideal situation for Sports books is that the favourite wins, but doesn’t cover. That way the public money that usually comes in on the favourite doesn’t pay dividends, and bettors who play the moneyline (bet without the spread, typically for bigger returns on the underdog) come away empty-handed. And, of course, the lower the score, the better.
By the way, every Super Bowl since 2000 made money for Vegas, except the Giants shocking upset of the Patriots in 2008, when Vegas lost $2.6 million. Its average income the other nine Super Bowls this decade was $9.07 million.
We’ll update you on exactly how much Vegas lost yesterday as soon as we get word…
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