The NFL is the most popular sport to bet on and the Super Bowl is the single biggest gambling event every single year. Billions of dollars in bets were placed on Super Bowl LIII, even though everyone knew that Tom Brady was going to win. Bets make the game more fun and the Super Bowl is a unique event where you can place countless different bets on an unimaginable number of things featured at one of the many online sportsbooks opening around the country after the Supreme Court lifted a decades-long ban on sports gambling outside of Nevada.
Michigan is widely expected to become the next state to legalize sports betting, joining states like New Jersey, Delaware, and Pennsylvania. It was actually supposed to be the latest state to legalize betting after the state legislature overwhelmingly approved a bill to let casinos set up online sportsbooks but former Governor Rick Snyder vetoed the legislation on his way out. With plenty of support for the bill in Lansing, proponents are optimistic that the bill will sail through once more and this time gain the signature of new Governor Gretchen Whitmer.
Under the bill, casinos would be licensed to set up sportsbooks online and any adult over 21 who is inside the state can place a wager on any sporting event.
If you are eager to get a head start ahead of the first Super Bowl that Michigan fans will (hopefully) soon be able to bet on, here is a quick primer on Super Bowl odds and the types of bets you can place.
Understanding Super Bowl Odds?
Super Bowl odds indicate the favorite and the underdog in two different ways: the point spread and the moneyline.
The point spread is the margin of victory that the favorite must win by in order for the bet itself to win. So if the Lions are a -3 point favorite, they must win by at least 4 points for your bet to cash in. A 3-point win would be a “push,” so you get your money back, and a 2-point win would be a loss for you. On the flip side, if the Lions are a +4 underdog, they can lose by a field goal and you would still win your bet.
You can also bet on the moneyline, which incentivizes betting on the underdog through higher payouts. The moneyline is the ratio between the payout and the bet. So if the Lions are a -110 favorite, you would bet $110 to win $100. But if the Lions are a +125 underdog, you would bet $100 to win $125.
You can also bet on the over/under, which allows you to wager whether the final combined point total will be higher or lower than the point total projected by each sportsbook.
Super Bowl Betting: Prop Bets
Among the many highlights of Super Bowl weekend are the countless prop bets you can place on the game. Prop bets are wagers on any single event, like which team will win the opening coin toss or which player will win the MVP.
There are countless game-related prop bets you can place on many online sportsbooks, like whether Matt Stafford will throw for over or under 3 touchdowns or whether Trey Flowers will have a sack.
There are also extensive non-game related prop bets you can place, like which beer company’s commercial will air first during the broadcast or how many times the network will show Tom Brady’s wife during the game. You can even bet on the songs in the halftime show.