Betting Favorites' Winning Streak Comes to an End in Week 12

https://icaro.icaromediagroup.com/system/images/photos/15918468/original/open-uri20231205-18-23qfnn?1701812835
ICARO Media Group
Politics
05/12/2023 21h42

In Week 12 of the NFL season, favorites dominated the games, covering the spread in 12 matchups, which tied a record for the most in a single week. As a result, bettors enjoyed their most successful week of the season, according to bookmakers.

Throughout the week and heading into Sunday's games, the betting public continued to back the favorites, placing their bets on popular teams like the San Francisco 49ers, Miami Dolphins, and Detroit Lions to win outright and cover the spread. In the first 10 games, favorites emerged victorious in nine of them, covering the spread in eight and keeping hopes alive for those who included them in their parlays.

The prime-time game between the Kansas City Chiefs and Green Bay Packers became a significant decision for sportsbooks, as the Chiefs were 5.5-point road favorites and attracted a substantial amount of bets. With the Chiefs' win and cover, sportsbooks were preparing for potential losses.

However, the Packers surprised the Chiefs and secured a 27-19 victory as 5.5-point underdogs, delivering the biggest upset on Sunday and crushing the hopes of the betting public and their parlays. The Cincinnati Bengals then followed with a 34-31 victory over the Jacksonville Jaguars as 10-point underdogs on "Monday Night Football," marking the second-largest upset of the season in terms of point spreads.

Despite these setbacks to close out Week 13, the betting public can still find solace in their recent performances. New York sportsbooks reported a 4.16% winning percentage for the week ending on November 26, which was the second-lowest win percentage for any week in the state's two-year history with legal sports betting.

One of the most heavily bet afternoon games this season at Caesars Sportsbook was the matchup between the San Francisco 49ers and Philadelphia Eagles. Betters showed strong support for the 49ers, leading to significant winning volumes and making them the clear favorites to win the Super Bowl at sportsbooks. At ESPN BET, San Francisco's odds to win the Super Bowl stood at 3-1, the shortest of any team this season.

Switching gears to the world of gaming, the CEO of Seminole Gaming, James Allen, shared insights on the relaunch of Hard Rock Sportsbook in Florida after a two-year closure due to legal challenges. Allen highlighted the strong volumes and positive response since the relaunch, expressing excitement for the official launch this week.

When asked about the challenges facing the sports betting industry, Allen emphasized the need to monitor the amount of advertising, acknowledging that it can be overwhelming. He also highlighted the growing crossover between land-based and online customers, which is helping established companies gain an advantage.

Regarding responsible gambling, Allen reinforced the importance of companies taking proactive measures to address problem gambling. He highlighted Hard Rock's longstanding commitment to support initiatives and provide training on responsible gambling.

In other news, Hard Rock's partnership with New York Mets owner Steve Cohen aims to create an expansive entertainment destination near Citi Field, featuring a casino and sportsbook. Allen emphasized that this project is not simply about a local casino but rather an $8 billion integrated resort centered around entertainment.

Looking ahead, Las Vegas Sands' recent deal with Mark Cuban and the potential for a casino resort with a sports arena in Texas raises questions about the future of entertainment. Allen expressed intrigue regarding this concept and indicated that Hard Rock is also interested in similar ventures but has not announced any specific plans yet.

As the NFL season continues, bettors will undoubtedly keep a close eye on the fluctuating fortunes of favorites and the potential for more upsets that can reshape the betting landscape.

The views expressed in this article do not reflect the opinion of ICARO, or any of its affiliates.

Related