Thu, 30 Nov 2023

Bettors take big hit with Argentina loss

Field Level Media
23 Nov 2022, 01:40 GMT+10

One in four dollars bet on the 2022 World Cup at DraftKings as of Tuesday morning was in support of Argentina, a 500 shot to win the 2022 World Cup in Qatar.

Argentina lost a World Cup match after taking the lead for the first time since 1958 and was a massive favorite entering Tuesday's match with Saudi Arabia, which rallied to win 2-1. Saudi Arabia had a 1900 money line at BetMGM. Previews of the game called for a light workout for Messi and Co.

Argentina was -750 to win its opening match group stage match.

The 25 percent handle on Argentina, also played in 14 percent of all bets on the worldwide soccer event, was easily the biggest number in the breakdown of DraftKings' total World Cup take. By comparison, Brazil, which is 350 to win the World Cup, had received just 14 percent of the total handle.

At BetMGM, Argentina had 25.4 percent of the handle.

Based on Twitter geo-tagging, 22 of the 50 states were backing Argentina to win the World Cup, though not necessarily by placing a bet.

Bettors backed Argentina to win Group C and win the event at a high rate, making them a huge liability to most books. BetMGM identified Argentina and Brazil as its biggest liabilities.

"Brazil and Argentina are betting favorites and would be tough outcomes for the sportsbook. BetMGM bettors are also backing the USA and Mexico heavily," BetMGM trader Seamus Magee said prior to the World Cup.

BetMGM opened Argentina at 1000 to win the Cup but the public bet it down to 500. also listed Argentina as its most bet side, ahead of the United States.

--Field Level Media

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