The Financial Effect Of The Miami Miracle From Vegas
As Steven Gostkowski lined up to kick a field goal with just sixteen seconds left and give his team a five point lead in its game on December 9 against the Miami Dolphins, most sportsbook directors had already chalked it up as huge loss for their internal figures, as the New England Patriots always attract huge action as public favorites. Little did they know this was just the beginning of what is now being dubbed the “Miami Miracle.”
The play, which involved two laterals and a fifty-two yard run from Kenyan Drake for the game-winning touchdown, was the longest scrimmage play to win an NFL game with no time remaining since the AFL-NFL merger in 1970, and helped Las Vegas sportsbooks to a seven-figure pay day in their favor. How is that possible when New England was not covering the nine point spread to begin with? Simple.
The Drake touchdown and Miami Miracle win absolutely crushed big money bettors who had multiple five-figure bets involving the New England moneyline (moneyline is when you make a bet for the team to win, without the spread) and Patriots teaser money (Patriots closed at -2 for a seven point teaser).
A prime example of a New England moneyline bet, according to ESPN’s David Purdum would be the $20,500 a bettor wagered on the Patriots -410 at CG Technology, which means the someone bet $20,500 to win $5,000. Just this one individual alone went from counting $25,500 in his mind to losing it all in one crazy, sixty-nine yard, double lateral, game ending play.
Multiply this by thousands of bettors who were in the same position Sunday, and you get millions of dollars that shifted from bettors’ pockets to the sportsbooks coffers in just sixteen agonizing seconds. Rest assured those that lost will be back in the sportsbooks this weekend to reclaim their lost assets, because thats what sports betting is all about!