Las Vegas Screwed Up The Point Spread For The Super Bowl â And It Could Cost Millions
Janill Gilbert stashed this in Sports
With 12 days to go before the Super Bowl, there is no favorite to win the big game. But it didn't start out that way, and that could spell disaster for Las Vegas sportsbooks.
Shortly after the New England Patriots completed their destruction of the Indianapolis Colts in the AFC Championship game, the 2015 Super Bowl opened with the Seattle Seahawks as 2.5- or 3-point favorites, depending on where you looked.
However, in the first 24 hours of betting, the line fell all the way to a pick 'em (no favorite), a surprisingly big move for a point spread and a rare miss by Las Vegas.
Bill Simmons of ESPN discussed the point spread on his podcast, saying that "Vegas really screwed up with that line" and that it is rare for them to miss by that many points.
Keep in mind, point spreads are not designed to predict the winner. Rather, the purpose of a point spread is to find a number where equal amounts of money are being bet on both sides. When this happens, Vegas wins, as losing bets typically have to pay an extra 10% (i.e., a person placing a $100 bet is actually betting $110 to win $100).
In the case of the Super Bowl, that didn't happen. About 80% of the bets on the big game in the first 24 hours were on the Patriots, according to PreGame.com.
What is even more intriguing about this big swing is that the early betting action is typically done by the more seasoned and often professional gamblers making big bets (aka "sharps"), while Joe Public typically waits until a day or two before the game or even until game day.
This means that the usually smarter gamblers felt the opening line with the Seahawks favored was a terrible line and immediately put a ton of money on the Patriots, including at least one "six-figure" bet at the MGM Casino,Â according to ESPN.com.
So when the Super Bowl kicks off there will likely be a lot more money riding on New England â which means if the Pats win, Vegas is going to lose big time.
So now Vegas has a vested interest in the Seahawks winning the Superbowl.
Exactly what I was thinking would be a good reason to bet on them, plus it's my home town team ;)
Seems like two good reasons.
Only problem is you'll be doubly sad if they lose.
How hurt is Richard Sherman?
I think it's just a pinched nerve in his elbow, should be good by game day.
His over/under for interceptions is 0.5.
Wow, a lot of things to bet on!
Yeah I think it's funny people are betting on Katy Perry.Â
Janill, you're the *only* reason I've rooting for the Seahawks. Â Go Seahawks. Go.
Thanks!Â I need your rooting GeegeÂ ;)Â I think it's going to be a close game.
Me too but then again I thought so last year and that ended 43-8.
I don't think there is any chance of a repeat like last year.
Good I hope not. Because the Patriots Colts game this week was just like that. Bad.Â