Legal wagering on the Super Bowl reached unprecedented heights, with more than $185 million in bets flooding into Las Vegas sportsbooks before the big game, surpassing the previous record of $179.8 million, as reported by Breitbart.
Despite this staggering figure, the odds were not in favor of the house this year. According to the Nevada Gaming Control Board, Vegas sportsbooks only managed to rake in $6.8 million of the $185.6 million wagered, a mere 3.7 percent of the total.
Super Bowl LVIII marked a rare occasion where Las Vegas gambling establishments did not emerge as the primary beneficiaries. This outcome deviated from the norm, as Vegas has typically come out on top, with only two exceptions since 1991, noted the publication.
"Chiefs and OT were very disappointing," remarked Jeffrey Benson, Circa Sportsbook's Director of Operations, as quoted by Fox Sports. "However, as always, the lights will come on in the morning. Nobody, including my own mother, feels bad when the house loses," Benson added.
Unfortunately for the sportsbooks, the majority of bettors sided with the Chiefs in overtime, a prediction that proved accurate. This anticipated outcome led sportsbooks to repeatedly dip into their coffers to settle payments to their patrons.
"It was a tough day for us with the Chiefs' comeback," lamented John Murray, Executive Director of The SuperBook. "The game going into OT was costly in a lot of ways, and, of course, we wanted the 49ers to win."
Even before kickoff, the game had been smashing betting records, with sportsbooks across the nation reporting a staggering $23.1 billion in wagers, underscoring the immense popularity and financial impact of the Super Bowl in the realm of sports betting.
Jim Thomas ✉
Jim Thomas is a writer based in Indiana. He holds a bachelor's degree in Political Science, a law degree from U.I.C. Law School, and has practiced law for more than 20 years.
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