Favorites Win in the NFL, Sportsbooks Take a Loss
In Week 9 of the NFL, favorites won 14 of 15 games, and sportsbooks described it as one of the worst days in recent times. Industry officials pointed to parlays placed on favorites as the main cause of the losses.
Favorites largely won in Week 9 of the NFL, and sportsbooks had a tough day. Bob Scucci, vice president of sports operations at Boyd Gaming Corp., said it was one of the worst days in recent times.
Favorites won 14 of 15 games, and 11 of them covered the spread. The Buffalo Bills closed out the week by beating the Minnesota Vikings 23-6. Scucci said the public was heavily betting on favorites, but that this was not unusual. The New York Jets, Arizona Cardinals, Las Vegas Raiders, Los Angeles Chargers, Miami Dolphins, Indianapolis Colts, Baltimore Ravens and Philadelphia Eagles, which the sportsbooks needed to win, lost.
Scucci said there was profit on straight bets, and that most of it came from professional bettors. These bettors saw that the favorites' prices were slightly inflated and bet on underdog teams. The Green Bay Packers beat the New England Patriots, delivering one of the results that eased pressure on the industry. The Dallas Cowboys beat the Colts 27-23 but failed to cover the spread. The Tampa Bay Buccaneers fought the Chicago Bears until the final moments but lost 27-24.
Christian Cipollini, senior trading manager at BetMGM, said this was an ordinary week that happens two or three times a year. Jamey Pileggi, risk manager at Circa Sports, said parlays tied to favorites caused major losses for the company, and that straight bets showed a similar picture.
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