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Super Bowl LIX: How Betting Platforms Enjoyed a Big Win

The recent Super Bowl LIX saw not only the Philadelphia Eagles emerge victorious but also betting platforms significantly benefiting from the event.

During the championship game, sportsbooks experienced a surge in activity, reflected in increased downloads and betting volumes. According to a BetMGM official, the event marked “one of the best single game results in company history,” setting a record for the largest betting event the company has ever experienced.

As January unfolded, online sports betting demonstrated robust growth, with the amount wagered in comparable states rising over 20%, far surpassing the figures from December, based on data from a Bank of America analysis. Notably, over 16 million bets were placed on FanDuel, which is owned by Flutter Entertainment, marking a nearly 20% increase compared to the previous year’s Super Bowl.

Many fans placed their wagers anticipating a high-scoring game, opting for the “over” point total, which was set at approximately 48.5. The game’s final score of 40-22 confirmed that bettors had made the right call. Analysts from Bank of America noted that sportsbooks likely thrived on the Eagles’ victory, particularly given the strategic decisions that kept star players like Saquon Barkley from scoring.

At DraftKings, a notable 52% of the bets placed were on the Kansas City Chiefs to outperform expectations in covering the spread, as reported by The Athletic.

Among the various betting options, Barkley was a favored choice in the anytime touchdown “prop” bet category. Prop bets allow wagers on specific outcomes during the game. Barkley ended the match with 57 rushing yards; the most popular prop at BetMGM was betting he would rush for over 110.5 yards. However, many bettors were left disappointed by other wagers, including whether Barkley or Kansas City’s Travis Kelce would score touchdowns, or if Kelce would make a romantic proposal to Taylor Swift during the game.

Looking ahead, BetMGM has already positioned the Eagles as the early favorites to win Super Bowl 60, suggesting that the excitement around sports betting shows no signs of waning.

Source
www.investopedia.com