The Twitter world was buzzing during Monday’s Lions vs. Packers matchup. This excitement was not because of the Lions’ courageous fight at Lambeau or the Packers earning their first win of the year.
Twitter was trending over a $25 parlay bet. This does not seem like the massive wagers we see during the NFL season, but it caused a lot more excitement because of the payout. The 16-leg parlay’s payout was $726,000, and headlining into Monday, 15 outcomes came to fruition.
The one-leg remaining was the Lions to beat the Packers at +400. The final score did not go in favor of the bettor, but there was still a happy ending in this betting story for the ages. BetMGM is paying the bettor their cash-out price for hitting 15 of the 16 legs.
BetMGM Delivers
And BetMGM announced on Wednesday that the bettor who hit 15 of 16 legs would be receiving $133,000 before tax from the sportsbook. The parlay featured all money line bets from the week two slate, and the bettor was nearly perfect.
The debate throughout the night was if the bettor should hedge or accept an early payout. The reactions online were mixed. Some people would gladly accept $133,000 on a $25 parlay. Others recommended to let it ride because the betting gods obviously were on the person’s side. Learn more about NFL Parlay Picks with our free Parlay guide.
In the details released after the game, the bettor did not have the option of an early payout because it was a free bet. Additionally, hedging was not possible because of how heavily favored the Packers were in the game.
How a Hedge Would Have Worked
The Packers were listed at -580 on BetMGM Sportsbook, so it would have cost $580,000 to generate a $100,000 profit. Not many people have access to $580,000 to hedge on a sporting event.
If the bettor could have accessed $20,000 to hedge, the profit would have been $3400 with Green Bay winning. Taking The Packers on the points would have created too many potential losses because the parlay involved only money line wagers.
Impressive Move by BetMGM
BetMGM did not have to payout this bettor, but they did, and that is a commendable move. $133,000 on a losing parlay is not a small chunk of change for a sportsbook to pay, even if it’s BetMGM.
This move will pay back dividends for BetMGM in a competitive sports betting market. DraftKings, FanDuel, and Caesars Sportsbook are dominating the market, but this move has generated a lot of excitement towards BetMGM.
The sportsbook has also not restricted its 16 leg NFL parlays, as many sportsbooks have to save themselves from this situation. The bettor did not choose to take an early payout, but if there were an option, it would have been $133,000.
The question to wonder about the situation is if the bettor would have accepted an early payout. The easy answer to this question is, of course, but there is a chance they let it ride.
The Lions came out strong against the Packers in the first half of the game. At the half, Detroit had a slim lead, and the nerves were present through Lambeau Field. Aaron Rodgers and the Packers came alive in the second half, crushing the $726,959 dreams of this bettor.
The entire betting community seemed to rally around this person to win. Even Packers fans were seen on Twitter rooting for the Lions, which speaks to the magnitude of this parlay. As a result of this parlay, there have already been numerous 16-team parlays.
It does not seem hard to pick a full week’s slate, but it’s rarely done. However, you cannot win if you do not place a bet.
