Sportsbooks Cash in with Best November on Record in NFL BettingGeneral News
Sportsbooks celebrated in a big way in November, as they marked perhaps the best month in NFL betting in history.
After four straight weeks of the betting public having the upper hand over sportsbooks across the country in the NFL in September into October, the books hit back in a hard way during the month of November.
Thanks to underdogs covering the spread in almost 60% of games during the month, the sportsbooks cashed in big time, helping to reverse the losses they experienced in the weeks preceding.
The Public Backs the Favorites
It’s no secret that the betting public likes to back the favorites in sports. This is especially true in the NFL, which attracts a lot of attention in the sports world.
So, typically speaking, sportsbooks are rooting for the underdogs. And when underdogs cover the spread in as many games as they did in November, it’s no surprise the sportsbooks around the country celebrated.
Not only did underdogs cover the spread in almost 60% of November’s NFL games, there were also 23 underdogs that won the game outright. That’s even better for sportsbooks, who don’t have to worry about a point spread in that case.
The biggest upset came early in the month, when the Buffalo Bills lost to the Jacksonville Jaguars by a score of 9-6. The Bills entered the game as 14.5-point favorites, and obviously came nowhere near covering.
It wasn’t just that a big underdog won the game outright, though. It’s that so many people were backing the Bills that the sportsbooks were delighted by the outcome of the game.
Some sportsbook operators reported that 90% of moneyline bets on that game were on the Bills. That was particularly important for sportsbooks, as the Bills’ moneyline odds were -1000. In other words, bettors had to risk $1,000 if they wanted to win $100 on the Bills in that game.
The Bills also received a majority of bets on the point spread, with 81% of all bettors laying the 14.5 points. In addition, 64% of the total handle on the point total for the game was on Over 48.5 With only 15 total points scored in the game, it was an easy win on the Under for the sportsbooks.
Other big upsets during the month include the San Francisco 49ers and Tennessee Titans upsetting the Los Angeles Rams in back-to-back weeks, with both games being played in primetime. The Miami Dolphins also upset the Baltimore Ravens in a Thursday night game.
Record Month for Sportsbooks
Some sportsbooks reported a record month in November in NFL betting. Las Vegas’ SuperBook at Westgate for instance, said its hold for the month was roughly 6.25%. In general, the average hold for sportsbooks is approximately 5.5%.
The “hold,” in these terms, is the percentage of money sportsbooks are able to hold onto once all bets are settled. In other words, it’s the percentage of money sportsbooks win from all the bets — or their profit.
For the season, underdogs have a record of 99-77-1 against the point spread. If that pace keeps up for the rest of the season, it would be the best season for underdogs since 1980.
Another trend that is in the sportsbooks’ favor is how home teams are performing. So far this year, NFL home teams are just 77-101-1 performing against the point spread. If that pace holds up, it would end up producing the worst season in the NFL Super Bowl era for home teams.
Sportsbooks are certainly not happy that November is now over, but bettors around the country are hoping for much better results in the last month of 2021.