They say that money talks, and that proved to be the case on Wednesday when BetMGM announced that they were changing their line on Super Bowl LIV after a $550,000 wager was placed on the Kansas City Chiefs to win football’s biggest game. That move prompted a change in the line from the Chiefs by 1.0 to them being favored by 1.5.
In a statement provided by Jeff Stoneback, director of trading operations for MGM Resorts International, he explained that a bet for $550,000 was placed on Kansas City when they were favored to win by 1.0. If he wins, he will receive $500,000. He added that once that wager was placed “That forced us to move it” speaking about the line.
Earlier in the week, Stoneback was adamant about not wanting to move the line. He was expecting that a lot more money would be bet on the 49ers later in the week after the first two six-figure bets were placed on the Chiefs. Those amounts were for $150,000 and $200,000.
However, the more than half-million-dollar bet changed the dynamics, forcing MGM to change the line. They had set Kansas City as 1.0 favorites following the two conference championship games, but the third big bet changed things.