Super Bowl 2023: Bettor wagers $1 million on Eagles to be victorious

There’s a seven-figure bet on the Philadelphia Eagles to win the Super Bowl.

A bettor at BetMGM wagered $1 million on Philadelphia to beat the Kansas City Chiefs on Feb. 12. The bet was a moneyline bet at -125 odds. If the Eagles win — no matter the score — the bettor nets $800,000.

After opening as underdogs to the Chiefs, the Eagles quickly became favorites and seem poised to remain the favorites barring an unexpected development ahead of next weekend’s game. The Eagles are currently favored by 1.5 points after the spread briefly got to 2.5 points earlier in the week.

The odds of Philadelphia covering as the favorite are -110. A $1 million bet on the Eagles to cover would net over $900,000. In essence, this bettor sacrificed approximately $109,000 in potential winnings to hedge against a 1-point Eagles win.

The Eagles are currently the most-bet team against the spread in all but two of the 19 states where BetMGM operates online sports books. The only two states that are liking the Chiefs against the spread are Kansas for understandable reasons and Massachusetts.

If Philly wins the Super Bowl it will be the franchise’s second Super Bowl win in six seasons. Philadelphia beat the Patriots 41-33 to win the 2018 Super Bowl. Maybe that's why bettors in Massachusetts are favoring the Chiefs in this one.

The Chiefs are in their third Super Bowl in the past four seasons. The Chiefs beat the 49ers in 2020 before losing to the Buccaneers in 2021.

With the Rams’ win over the Bengals a season ago, Philadelphia is also vying to be the third consecutive NFC team to win the Super Bowl. AFC teams had won four of the five previous Super Bowls before the Eagles’ win in 2018.

Will the Eagles win the Super Bowl on Feb. 12? (AP Photo/Matt Rourke)
Will the Eagles win the Super Bowl on Feb. 12? (AP Photo/Matt Rourke) (ASSOCIATED PRESS)