Sportsbooks on hook for millions if Raiders win Super Bowl
In what has become akin to Groundhog Day for Las Vegas sportsbooks on the eve of the NFL regular season, the Raiders once again represent their largest Super Bowl liability.
They went 4-13 last season and haven’t won a playoff game since 2003, but that hasn’t stopped bettors from loading up on the Silver and Black to win it all.
“The Raiders have always had a strong West Coast presence,” South Point sportsbook director Chris Andrews said. “We were used to sweating the Raiders even before they moved to Las Vegas, but now it’s more.”
Books will lose millions if the Raiders overcome 100-1 odds to win their first Super Bowl since 1984. But Andrews isn’t too concerned.
“It’s a pretty big number, so it’s a little bit of a concern. But I can sleep at night, I can tell you that,” he said. “They’re in a really tough division.”
The Raiders are 17-1 long shots at BetMGM to win the AFC West behind the favored Chiefs (-118), Broncos (+310) and Chargers (+310).
The Raiders are a seven-figure liability at BetMGM alone after the book took two $2,000 wagers to win $250,000 each on them to lift the Lombardi Trophy at 125-1 odds, among others.
“A lot of it has to do with the price, being the long shot and being the hometown team,” MGM Resorts director of trading Lamarr Mitchell said. “Everybody’s betting them with the new regime change. (Coach) Pete Carroll’s proven that he can build a winner.”
Caesars Sportsbook took a $4,000 bet to win $360,000 on the Raiders (90-1) and two $2,000 wagers to win $180,000 each (90-1).
“There’s a lot to be excited about if you’re a Raiders fan and that has translated to the betting window,” Caesars head of football Joey Feazel said. “They’re bringing in a winning coach, an offensive coordinator (in Chip Kelly) who just won the national championship (at Ohio State), a proven quarterback (in Geno Smith) and a running back (in rookie Ashton Jeanty) that may be the next Saquon Barkley.”
A Caesars bettor in Nevada wagered $49,800 to win $57,270 on the Raiders to finish with over 7½ wins (+115) after the total opened at 6½, though Andrews reported sharp money on under 7½ (-155).
An adjusted win total at Circa is 6½ (o-155) and the number has been bet up from 6½ to 7 (o-135) at STN Sports.
“There definitely is a local bias here,” Red Rock Resort sportsbook director Chuck Esposito said. “It’s very similar to what you see with the (Golden) Knights, the Aces and the Rebels football team when they’re playing well.”
South Point bettors also are backing the Raiders to make the playoffs, driving the price down to +260. It’s +310 at the Westgate.
“It’s the same problem every year with them,” Westgate SuperBook vice president of race and sports John Murray said. “There’s just not a ton of room to go up in that division.
“I do think the Raiders are going to be better this season. But it’s hard to picture them actually winning the Super Bowl.”
Awards action
Jeanty is the 3-1 favorite and money and ticket leader at Caesars to win offensive rookie of the year. Titans quarterback Cam Ward, the No. 1 overall pick in April’s draft, is the +330 second choice.
“(Jeanty) should get a lot of looks in Chip Kelly’s offense and make the biggest impact in that market besides Cam Ward, who plays quarterback,” Feazel said.
Jeanty, who the Raiders selected No. 6 overall, is 16-1 at the Westgate to lead the league in rushing yards. Carroll is 16-1 to win coach of the year.
Raiders edge rusher Maxx Crosby is 16-1 at Circa to win defensive player of the year and 25-1 at Caesars to be comeback player of the year. Crosby only played in 12 games last season due to an ankle injury.
Contact reporter Todd Dewey at tdewey@reviewjournal.com. Follow @tdewey33 on X.