SugarHouse Hits It Big – Sportsbooks Surge with NFL Draft

SugarHouse Hits It Big - Sportsbooks Surge with NFL Draft

With games across almost all sports currently on hold, the NFL draft took center stage at sportsbooks in New Jersey, and betting surged live never before.

On the back of increased prop bet and betting market offerings from sportsbooks combined with the growth of the legal U.S. sports betting market, on top of limited live sports due to the global pandemic, fueled one of the most heavily bet on NFL draft ever.

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How well did the sportsbooks perform?

FanDuel announced even before the draft took place that its New Jersey sportsbook eclipsed last year’s betting handle on the NFL draft even a week out from the event. Other NJ sportsbooks compared the amount wagered on the draft to how much can be bet on a typical Monday Night Football game. Across the nation, tens of millions of dollars are usually wagered on any typical high-profile NFL game, with five-figure and six-figure standalone wagers common in New Jersey alone.

It’s worthwhile to bear in mind, that wagers on the NFL Draft came exclusively from online sportsbooks as there are no bricks-and-mortar sportsbooks open in New Jersey at the moment, so therefore all bets had to come via the internet and mobile betting apps.

Of all the NJ sportsbooks, the one wearing the biggest smile after the NFL was arguably SugarHouse online sportsbook. Both total bet counts and SugarHouse’s overall betting handle were triple 2019’s numbers for the full NFL draft after only a day off the 3-day event!

On the first day of the draft, 76% of the total day’s sports betting handle at SugarHouse sportsbook’s New Jersey HQ was bet on the NFL. The vast majority of those NFL wagers were placed on the draft, although there was also a significant amount of betting on NFL futures and non-draft props bets.

Significantly, many were also looking to take advantage of the +1600 on offer for Tom Brady’s new Tampa Bay Buccaneers team to win Super Bowl LV in February 2021.

SugarHouse Sportsbook Management ecstatic with the NFL Draft result

Mattias Stetz, Chief Operating Officer of Rush Street Interactive, the parent company which operates the SugarHouse Sportsbook, said that even after the raft’s opening night, SugarHouse had already out performed their entire 2020 NFL Draft expectations;

“An outstanding opening night for the NFL draft. We are delighted with the strong wagering action and how bettors supported many imaginative prop bets. They really prepared well for the draft and they weren’t afraid to bet heavily on some long shots.”

Sportsbooks did well and they’ll be even more impressed that so many underdog picks were made by NJ’s favorite teams; the Jets, Giants and Eagles, making the sportsbooks doubly happy. However, the great result was highly anticipated by some sportsbooks given the lack of sports betting opportunities available to the state’s players recently.

For one, William Hill US Director of Trading Nick Bogdanovich, knew the spectacular NFL Draft betting handle was coming, remarking before the event;

“This year’s draft will be by far the biggest handle we’ve seen,” Mr. Bogdanovich told Forbes. “Had the NFL draft been held in Las Vegas as originally scheduled, there’s no telling how much would have been bet but we would have written an insane amount of money.”

NFL Betting in 2020-21 expected to reach new heights

Given the extraordinary betting numbers on the NFL Draft, expect that the interest in placing wagers on the 2020-21 NFL season will be out of sight.

For the record,  the Kansas City Chiefs are firm +600 favorites to take Super Bowl LV, with the Baltimore Ravens great value at +700, followed by the 49ers and the New Orleans Saints at +800 and +1200 respectively.

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