The winning team in the first 57 Super Bowls, including 19 underdogs, is 48-7-2 ATS. In other words, there have been only nine games in which the favorite has won but failed to cover.
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There were only five safeties in the first 42 Super Bowls before bettors cashed in on the prop in four of six games from 2009 to 2014, including three straight (2012-14).
Favorites have won 37 of 56 Super Bowls while going 28-26-2 ATS. But underdogs have produced some of the most memorable moments in the storied history of the game.