The whales are migrating to Florida.
Another week has gone by and massive amounts of money are flooding the Florida sports betting market, this time with a $500,000 Same Game Parlay bet on Hard Rock Bet that paid this NFL bettor $5.5 million in profit.
The parlay targeted the Houston Texans with four legs:
— Upset the Cincinnati Bengals as +190 underdogs
— Devin Singletary to rush for over 51.5 rushing yards
— Singletary anytime touchdown scorer
— Over 45.5 total points.
The bet was won when Texans kicker Matt Ammendola nailed a game-winning field goal for Houston in a shocking 30-27 upset victory.
Singletary scored on a six-yard run in the third quarter and obliterated the over with 150 yards on the ground on 30 carries.
This winner comes as massive bets flooded in from Floridians since online sports betting relaunched at the start of November.
Last week, one bettor lost an astounding $1.5 million on the Kent State Golden Flashes in a college football game against Bowling Green.
The Golden Flashes were 10.5-point underdogs, but the bettor lost on the moneyline and spread in a pitiful 49-19 defeat.
It is unclear whether these two bets were made by the same person, but there is undoubtedly plenty of money floating around in the Sunshine State.
East Coast retirees are known to spend the colder months in Florida in order to avoid the harsh winters that come with living in the north.
Betting on the NFL?
This could be having an impact on Florida sports bettors, who are putting their money where their mouth is in the early parts of legalized wagering.
Rarely does a sportsbook, especially one this new, take a $500,000 bet on a same-game parlay.
But with market share of significant priority for sportsbooks, it would behoove them to continue taking massive same-game parlays where the vig (or hold) is oftentimes as high as 20 percent.
More often than not, sportsbooks are operating on a massive edge, and even if this loss is a major hit to Florida’s only sportsbook, they should come out on top more often than not.