New Yorkers are as sharp as they come when it comes to hitting the books.
BetMGM Sportsbook lost considerable money on the 2024 Super Bowl, taking $10.8 million in total bets and losing a net of $4.8 million, the New York Gaming Commission released in a statement on Thursday.
The bizarre results for BetMGM are significant as the “King of Sportsbooks” lost by far the most of any sportsbook in the Empire State, with a 44.31 percent win rate, more than double the next highest sportsbook (Caesars, 8.3 percent).
New York bettors didn’t come out on top overall, though, as the sportsbooks still came away with net $12.5 million in profit, half of which goes to the state. The state collected nearly $6.4 million in taxes on sports betting this past year.
The rather staggering success from bettors on BetMGM can in large part be attributed to the game going to overtime (+800) and the public darling Chiefs winning outright.
“We have taken multiple six-figure bets on the 49ers but there continues to be lopsided action on the Chiefs to win and cover the spread in the Super Bowl,” Tristan Davis, a BetMGM Senior Trader said prior to the Big Game. “The 49ers winning would be a good outcome for the sportsbook.”
The game to go to overtime was +900 on BetMGM, which had a handle of 95 percent of the money. That liability added up among New York bettors who pounced on this prop.
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“Not enough talk about BetMGM’s NY Super Bowl numbers,” X user @capjack2000 said in a post. “It’s really HARD to lose that much money offering that many different bet types on such a big event. Losing $4.8m on $10.8m of betting.”
Maybe New Yorkers are making their dent in the betting world after all. Although, it’ll be tough to break DraftKings, who profited $8,826,191 on over $52 million in bets.
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