Who is favored to win the Super Bowl? Betting numbers reveal early lack of faith in Patrick Mahomes’ Chiefs

While Super Bowl LVIII is still seven months away and we are in the middle of the 2023 NFL offseason, it's never too early to bet on it. Each year it's the most bet on event by a significant margin and it all starts long before the opponents of the game are even known.

Savvy sports bettors will often place future wagers on the game each year, optimizing the odds and values of teams they believe can make a run at a Vince Lombardi trophy. Odds for the next Super Bowl winner are posted at most sportsbooks before the previous one even takes place. Getting bets in as early as possible can sometimes result in the highest payouts for winning.

Some interesting betting trends have already been developing for the championship that will be held in February 2024 following the 2023 NFL season. According to John Ewing, who claims to work in data and PR for the BetMGM platform, the most popular outcome doesn't include the defending champs.

Ewing recently shared on his personal Twitter account that the most popular bet on the exact outcome is for the Philadelphia Eagles to defeat the Cincinnati Bengals next year.

It may come as a surprise that Patrick Mahomes and the Kansas City Chiefs are not the consensus betting favorite. The Chiefs defeated both the Bengals and Eagles in the NFL playoffs on their way to winning the Vince Lombardi trophy last season. It also featured Mahomes winning his second ring in three appearances, despite only being a starting quarterback for seasons.

While the Chiefs are still the favorites according to the oddsmakers, the line movement suggests that most bettors are taking their chances elsewhere. Kansas City opened as the favorites with +600 odds, but have since dropped to a +650 line. The Eagles appear to be a much more popular selection right now, with their odds dropping from +900 to +700, making them the second-favorites.

Apparently sports bettors are putting more faith in Jalen Hurts avenging his Super Bowl defeat than Patrick Mahomes already grabbing his third ring. Bettors also apparently like the Miami Dolphins and New York Jets this year, as their betting odds are the two biggest movers. The movement has propelled each into the top 10 favorites based on the odds.

How much money is bet on the Super Bowl?

Super Bowl LVII

According to the American Gaming Association, Super Bowl LVII set a new record with more than $16 billion wagered on it. This total more than doubled the total from the year before, with the legalization of gambling in many states likely having a lot to do with that. The AGA also estimated that more than 50 million Americans wagered on Super Bowl LVII. This is more than 20% of the current population.