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Offshore Sportsbooks fear a Giants win in Super Bowl XLVI

January 26, 2012 by agent

The New York Giants are getting all the major offshore sportsbooks nervous more than a week and a half before Super Bowl XLVI.

A Giants win over the Patriots could cost some offshore sportsbooks a ton of money as futures betting comes back to haunt them. A number of offshore sportsbooks took significant bets on the Giants to win the Super Bowl at long odds before the start of the season, some as high as 80 to 1, which will put them in a very precarious position if the Giants beat the Patriots in the Super Bowl again.

Futures betting is active during the season and each team’s odds to win the Super Bowl fluctuated from week to week. When the Giants lost four straight games in November and December, their odds to go all the way shot way up. The payoff for a futures bet is based on whatever the odds were when the person made the bet. So if the Giants had 80-1 odds to win the Super Bowl and a bettor risks $100, he/she would receive an $8,000 payout if the Giants win the Vince Lombardi Trophy.

A few months ago, many offshore sportsbooks faced a similar scenario with the St. Louis Cardinals. The futures odds for the Cardinals were extremely steep when they were 10 1/2 games out of the playoffs with 32 games left the regular season. Back then, most offshore sportsbooks listed the Cardinals at 250 to 1 to win the World Series and at 100 to 1 to win the National League pennant.

As for Super Bowl XLVI, most offshore sportsbooks favor the Patriots by 3 points, which is a  smaller line from the 12-point spread that the Patriots were given in Super Bowl XLII, also against the Giants four years ago.

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