The on-field action in the final two minutes of Super Bowl XLIX between the New England Patriots and the Seattle Seahawks left New England bettors jumping for joy and Las Vegas sportsbook managers mute and shaking their heads Sunday night.
Patriots cornerback Malcolm Butler’s game-clinching interception in the end zone with 20 seconds left in regulation incited a massive swing behind the counter, since most books in town were heavy on the Patriots side due to the volume of public bets placed in the hours leading up to kickoff.
Reversals of fortune are accepted by bookmakers as the law of the sports betting land, and are understood to be part of the business. Managing risk in the sports betting marketplace has its inherent dangers, after all. But the manner in which Butler sealed the fate of the Seahawks—and the books—was certainly one for the ages.
Nick Bogdanovich, William Hill U.S.’s Director of Trading, told Betting Talk that the interception resulted in “a seven-figure swing” at his shop, and that the speed with which it happened was surprising in the worst way possible.
“There wasn’t a word said; it was stunned silence. It was like, ‘Did that actually just take place? Did that really just happen?’” Bogdanovich said.
Bogdanovich watched the game in his office, along with roughly 10 other people at William Hill. He was expecting a running play on second down by Seattle, much like everyone else who was watching the Seahawks line up at the Patriots’ 1-yard line, down 28-24 with one timeout remaining.
“It was shock more than anything. There wasn’t anyone [in the room] expecting a pass, let alone a pass into congestion,” Bogdanovich said. “You just assumed it was either going to be Marshawn Lynch for one yard or a naked bootleg with Russell Wilson.”
Although the end result was a nightmare for the books from a side or total perspective, it wasn’t a bloodbath from a financial standpoint. In fact, sportsbooks statewide reported turning a profit on the game despite the New England win and cover, as well as the total going “over” 47.
Per the figures released by the Gaming Control Board on Monday, Nevada sports books won more than $3.2 million on nearly $116 million wagered on Super Bowl XLIX. The total handle on the game was the second-highest amount bet on any Super Bowl in history, bested only by last year’s record: $119.4 million.
This year’s $3,261,066 million in winnings makes it the third-worst Super Bowl, margin-wise, of the past 10 years for Nevada sports books. Only 2011’s profit of $724,176 (Super Bowl XLV, Packers vs. Steelers) and 2008’s loss of $2,573,103 (Super Bowl XLII, Giants vs. Patriots) were worse results.
Westgate Las Vegas Superbook VP Jay Kornegay confirmed via email that his shop came out ahead on the day—after factoring in futures bets and prop bets—although they did suffer a loss amounting to “a healthy six figures” after the Butler interception.
Still, the books will live to fight another day, as they always do. No matter how many times the public side comes out ahead on a big game—this particular Super Bowl being a prime example—oddsmakers will often find their profits elsewhere, even if it isn’t the most enjoyable way of keeping the lights on.
“The game itself, we got killed on,” Bogdanovich said. “But after we factored in futures—which were really good for the Patriots—props, parlay cards … we ended up the tiniest of winners.
“We managed to overcome a loss [on the day], but it felt like losing.”