The line initially opened with the 49ers as 1.5-point favorites, which quickly moved to 2 points not long after. Contrary to expectations, this position has remained steadfast, even though many believe that the Chiefs are the stronger team.

According to data from DraftKings Sportsbook as of February 9th, 66% of bets and 63% of the money have been placed on the Chiefs +2. This raises the question: Why haven't the odds shifted in favor of Patrick Mahomes' team, potentially making it a pick'em or even turning the Chiefs into outright favorites?

One possible explanation for the Niners holding onto their favorite status is the attractiveness of the Chiefs +2 line. This enticing number has enticed bettors to place their faith in the team that has been performing exceptionally well in recent months. Additionally, sportsbooks and casinos may have set the line strategically to offset the significant amount of pre-season and ongoing futures wagers placed on the 49ers to win the Super Bowl. San Francisco has consistently maintained one of the top positions among betting favorites throughout the season.

If sportsbooks were to adjust the line to a pick'em or favor the Chiefs, they would face substantial losses if the 49ers were to emerge victorious. By keeping the line as-is, more action can be encouraged on Kansas City, thereby balancing the scales for the house. However, if an overwhelming amount of bets continue to favor the Chiefs, prompting potential losses for sportsbooks, the line may naturally shift in the proper direction.

Another factor contributing to the 49ers' favoritism is the belief that their team possesses a higher ceiling. When both teams are firing on all cylinders, the 49ers are considered the superior all-around team. Their offense boasts a diverse array of skill position players capable of exploiting defenses in multiple ways. Furthermore, their defense ranked among the best in the league in 2023. In contrast, the Chiefs have struggled with drops from their wide receivers during the regular season, which could potentially limit the impact of star quarterback Patrick Mahomes. Additionally, if the 49ers' defense successfully contains standout Chiefs tight end Travis Kelce, it could prove to be a significant advantage for San Francisco.

While historical trends indicate that teams with better overall records (like the 49ers) rarely perform well against the spread in the Super Bowl since 2003, San Francisco has showcased strong performances away from Levi's Stadium. In their last five road games, the Niners have an impressive 5-0 against the spread and straight up, establishing themselves as reliable favorites according to oddsmakers.

As Super Bowl LVIII approaches, the San Francisco 49ers maintain their favored position, defying popular opinion and garnering unwavering support from sportsbooks and casinos. Despite the Kansas City Chiefs' potential to challenge their dominance, the Niners exhibit the qualities of a team with a higher ceiling and a formidable defense. Whether this favored status holds true on game day remains to be seen, but the odds suggest that the 49ers are in a strong position to secure victory in this highly anticipated clash.