The New York Gaming Commission just released numbers showing how New York-based sportsbooks performed during the recent Super Bowl, and the most surprising revelation is how much better one of the biggest sportsbooks did than one of its rivals. DraftKings
DKNG,
-7.29%
made $8.8 million in revenue from $52.3 million in Super Bowl bets, while BetMGM
MGM,
-0.42%
lost $4.8 million after taking in $10.8 million in bets.
The biggest sportsbooks had the San Francisco 49ers winning the game against the Kansas City Chiefs; the 49ers lost the game in overtime. Despite having superstar quarterback Patrick Mahomes, the reigning Super Bowl-champion Chiefs were underdogs at nearly all sportsbooks, albeit only slightly, giving casual bettors the allure of getting favorable odds and also the best player in the game on their side. “It was a bad Super Bowl for the sportsbook. Many bettors had the Chiefs winning and overs on popular player props,” Tristan Davis, senior trader at BetMGM, told MarketWatch. An individual player prop is, for example, betting that Mahomes will throw for over or under 250 yards in the game. Typically, bettors disproportionately bet on the “over” rather than the “under” player props, because they are more exciting to root for. The game going to overtime hurt especially because it extended the Super Bowl, allowing several popular prop bets, like a player’s receiving yards, to get even higher. In addition to BetMGM, Caesars also lost money on the game. According to Caesars, it lost out on a lot of money when the game went to overtime – a …
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DKNG,
-7.29%
made $8.8 million in revenue from $52.3 million in Super Bowl bets, while BetMGM
MGM,
-0.42%
lost $4.8 million after taking in $10.8 million in bets.
The biggest sportsbooks had the San Francisco 49ers winning the game against the Kansas City Chiefs; the 49ers lost the game in overtime. Despite having superstar quarterback Patrick Mahomes, the reigning Super Bowl-champion Chiefs were underdogs at nearly all sportsbooks, albeit only slightly, giving casual bettors the allure of getting favorable odds and also the best player in the game on their side. “It was a bad Super Bowl for the sportsbook. Many bettors had the Chiefs winning and overs on popular player props,” Tristan Davis, senior trader at BetMGM, told MarketWatch. An individual player prop is, for example, betting that Mahomes will throw for over or under 250 yards in the game. Typically, bettors disproportionately bet on the “over” rather than the “under” player props, because they are more exciting to root for. The game going to overtime hurt especially because it extended the Super Bowl, allowing several popular prop bets, like a player’s receiving yards, to get even higher. In addition to BetMGM, Caesars also lost money on the game. According to Caesars, it lost out on a lot of money when the game went to overtime – a …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]