On February 11, 2024, the Kansas City Chiefs won a thrilling Super Bowl, but it was a bad outcome for the BetMGM sportsbook. According to BetMGM oddsmakers, the Chiefs’ victory in a 25-22 overtime game caused significant losses for the sportsbook. This was due to many bettors backing the Chiefs to win and several prop bets working in their favor.
As BetMGM senior trader Tristan Davis explained, the sportsbook had substantial liability on the Chiefs, including a $300K bet on the Chiefs with a two-point lead, a $125K moneyline bet on Kansas City at +110, and a $100K bet on the coin flip landing on heads (-105), which it did.
The morning after the Super Bowl, BetMGM revealed that it was actually rooting for the San Francisco 49ers to win, as the Chiefs were responsible for the majority of the bets on the spread and moneyline. Additionally, the sportsbook reported losses on various popular player props, including bets on Patrick Mahomes and Travis Kelce.
BetMGM also experienced heavy action on bets related to Christian McCaffrey and Brock Purdy, contributing to their overall losses on the game.
The outcome of the Super Bowl also disrupted a long streak of profitable Super Bowls for Nevada oddsmakers. Since 1991, the sportsbooks had only lost twice on the Super Bowl, with the last loss occurring in 2008 when the New York Giants upset the New England Patriots.
With BetMGM’s announcement that Sunday’s game was “a bad Super Bowl,” it is likely that the winning streak ended, and the Nevada Gaming Control Board is expected to release the state’s Super Bowl LVIII sports betting report later on Monday to confirm the sportsbooks’ overall performance for this year’s big game.