MGM Resorts VP of Race and Sports Jay Rood says he’s facing one of the biggest liabilities to come across his desk, with a $3 million Super Bowl wager that came in on the Eagles.
The multimillion-dollar bet came in during the bye week, but Rood would not reveal whether the bet was against the spread or on the moneyline. Either way, it has had a major impact on the lines.
“We took a big bet, we took a $3 million bet. That is obviously why we moved our position. We went down from two dollars on the moneyline to $1.80 and from 5.5 to 4.5,” Rood told Covers’ Patrick Everson on Saturday afternoon. “We're still looking to fade our position a little bit. Obviously, if the Eagles win outright, that's the worst-case scenario.”
As of right now, it looks like MGM Race and Sports will be rooting for the Patriots to win but not cover, and Rood added that they'd like to see the game stay under.
While this bet may present the biggest risk Rood has seen since he’s been with MGM Race and Sports, it’s not the biggest bet he’s seen. That would be a $7.6 million Super Bowl moneyline bet on the Rams back in the 2001-02 season where, if you’ll recall, the Rams were two touchdown favorites over Tom Brady and the Patriots, ultimately falling 20-17.
The line is currently at Patriots -4.5 (Even) with the moneyline -200 (Eagles +170).