Correction: The original version of this story used an incorrect calculation for the hold percentage on Super Bowl odds at each of the three sportsbooks mentioned, Monmouth Park, the Westgate Las Vegas SuperBook and Bookmaker.eu. We regret the error.
New Jersey is officially open for betting business … you just might not want to bet there.
The 2019 Super Bowl odds offered at New Jersey’s Monmouth Park are much less favorable to bettors than those posted at the Westgate Las Vegas SuperBook and Bookmaker.eu, a market-setting offshore sportsbook.
Let’s use the San Francisco 49ers as an example. Here’s how their odds to win the Super Bowl compare across the market:
- Bookmaker.eu: 28-1
- Westgate: 20-1
- Monmouth Park: 10-1
Notice the discrepancy?
Same thing goes for another polarizing team, the Oakland Raiders. Bookmaker.eu’s odds are at 30-1, compared to a laughable 12-1 at Monmouth Park.
When looking at all 32 teams, Bookmaker.eu has the best Super Bowl price for 20 of them. Interestingly enough, Monmouth Park has 11 of the best prices, but that’s offset by how much the book has overpriced some of the more trendy teams.
In total, Monmouth Park’s hold percentage — a formula that uses the cumulative implied probabilities of the Super Bowl odds for every team — comes in at 28.85%, higher than the Westgate (25.28%) and Bookmaker.eu (18.96%). The higher the implied probability, the more the sportsbook is trying to squeeze bettors.
We always advocate to shop for the best odds when looking to place a bet, and that appears like it will be especially important as more states enter the world of legalized gambling.