At least someone’s making money…February 8, 2010Jon Brooks 1 Comment »
On Super Bowl betting, from The Sports Economist:
The Saints beat the Colts 31-17 for their first Super Bowl victory. It was a thrilling win, with the outcome in doubt until Tracy Porters’ 74 yard “pick six” with 3:12 left in the game and the Colts driving for the potential tying score.
The other big winner in this game was sports books. Evidence shows that bettors love two things: favorites in point spread betting and the over on total betting. According to sportsbook.com, as of about 4pm Eastern on Sunday the line was the Colts -5 and the over-under was 57. Based on action at off-shore sports books, 63% of the sides betting was on the Colts, and 66% of the totals betting was on the over. The Colts didn’t cover, and the 48 point total was well under 57. Given the bet-110-to-win-100 payoff structure on sides and totals, and the fact that the Super Bowl is the most popular sporting event to bet on all year, that translates to a big payday for sports books.