According to ESPN’s Dave Purdum, Vegas sportsbooks reported “multiple $1 million bets” this week.
The MGM took a $1 million wager on “Money” Mayweather at -550 odds from a VIP bettor. Jay Rood, MGM vice president of race and sports, said that the money was wired to the casino cage. The wager would earn the anonymous VIP bettor a $182,000 profit if they’re successful.
William Hill’s Nevada sportsbook also reported receiving a $1.2 million bet on Mayweather at -500 odds. This customer paid cash and stands to win $240,000 in profits.
Million Dollar Bets are Pushing Mayweather’s Odds Back Up
We here at GTBets experienced the same thing because our early week odds were -455 on Mayweather and +335 on McGregor. Here’s how the odds sit going into the fight:
McGregor, Conor +400
Mayweather, Floyd -550
As you can see, we’ve added almost -100 to Money’s odds in the last few days. And some Vegas sportsbooks have put him at -600 lately.
Other Big Bets Reported on Mayweather
The two $1 million bets are the largest known wagers on the fight to this point. They highlight a sudden surge in betting activity surrounding Mayweather. Aside from the $1 million bets that William Hill and MGM took, they each accepted $300,000 wagers on Money.
The South Point sportsbook reported taking two bets worth “approximately” $200,000 on Mayweather within just 15 minutes of each other.
These came just after somebody wagered $50,000 on McGregor at +450 odds. This would earn the winner a $225,000 profit if McGregor can win.
McGregor still Leading the Action
William Hill reports that even after the $1.2 million wager on Mayweather, they’d face a “seven-figured liability” if McGregor wins.
Westgate SuperBook told Purdum a different story, though. They said for every bet they received on Money, there were 12 placed on “The Notorious.” However, 76 percent of the money was on Mayweather winning. Going further, the average bet placed on McGregor is worth $212, while the average on Mayweather is $8,036.
Recording Breaking Betting Action
Everybody expected the Mayweather-McGregor fight to be big in terms of betting. But few expected the action to be this extreme.
The numbers have yet to come in from every sportsbook. But it’s estimated that Mayweather-McGregor will easily trump Money’s fight with Manny Pacquiao in May 2015. This match drew a record $60 million in betting action at land-based sportsbooks.
Why All of the Sudden Big Bets on Mayweather?
Mayweather’s odds have been dropping steadily ever since. And the $1 million bettors, as well as the $300k bettors, were likely waiting for the lowest possible price.
That came this week, as Money dropped as low as -400 at some sportsbooks. Bettors who waited until this weekend now stand to win twice what they would’ve by betting on Mayweather right away.
Few are expecting anything different than a Mayweather victory tonight. He’s a perfect 49-0 in the boxing ring and has beaten some of the sport’s greatest.
McGregor, on the other hand, has never fought an amateur or professional boxing match. The UFC lightweight and featherweight champion is looking to pull off the biggest upset in boxing history.
McGregor’s long-shot odds are yet another reason why people are willing to bet so big on Mayweather.