Nevada Sports Books Set Super Bowl Betting Record
A record $138.5 million dollars was wagered on Super Bowl 51 beating the previous record of $132 million dollars bet on Super Bowl 50.
The figures released by the Nevada Gaming Control Board covered the 196 sports books around the state. The reported totals reached $138.5 million with the books winning $10.9 million for a hold percentage of 7.9. Not a bad return for a day`s work with some inherent risk.
This is the fourth consecutive year the Super Bowl surpassed the $100 million bet total.
The books hold or win percentage was down from 12 and 16 percent for the last few years. But they will take any profits generated from the betting frenzy that occurs during Super Bowl week. A $10.9 million profit does not seem like much but the extra money for lodging, food and drink, casino action and economic stimulus is way beyond a typical week in Las Vegas.
The sports books closed their NFL season with a very sharp opening line at -3 Patriots and 58 total. The line created a very balanced betting pool. There was no movement during the two week betting period — not even a half-point which would be expected. This stagnant line was an indication of a close game since the betting public was closely divided on the game.
Vegas sports books created this NFL season ending super game betting tornado with an amazing “tour de force”. They put together this incredible undertaking of hundreds of prop bets and creating the party atmosphere and festive activities for an entertainment marvel. The sports books deserve a lot of credit for their total effort and catering this special game.
Many book operators were amazed but not surprised by the popular event called the Super Bowl. “It was constant madness in the book” said Jimmy Vacarro, legendary bookmaker at South Point Casino. “We keep moving forward with this because people enjoy the social camaraderie and entertainment”. Vacarro is so right with his assessment of combining legalized betting, people and NFL football all under one roof.
Other sports book directors reported many bets between $200,000 and $400,000. One bettor used his smart phone betting app to place a one million dollar bet on the Falcons using CG Technology. That was an expensive phone call.
The ever popular prop bets added to the record betting totals.
The sports books can now regroup some lost profits from a poor 2016 NFL season. The NFL regular season bettors collected many times to cause some bad losses for the books. It was a combination of favorites and overs covering more than usual. This was especially true during the playoffs and ultimately the Super Bowl —- the game was under the whole time until the unexpected comeback and overtime. The overtime bet paid out at 6 to 1 (+600) with over 80% of the tickets picking “yes”.
There was more lop-sided money on some of the more popular prop bets that hammered the books. These overlays were difficult for the books to adjust to with soo much action going down in the 24 to 48 hours before kickoff. It is a tough balancing act and too many prop bets to account for. In the end, the books hope for losing props to outnumber winning prop bets.
What a culmination of a roller coaster ride through the peaks and valleys of possibilities at warp speed. But the final results was a day of reckoning and a surreal display of the human spirit. One Super Bowl you will never forget !
