One of a number of successful high stakes bets placed by Dave Portnoy during the first half of 2024, was his $500k wager on the Kansas City Chiefs winning the Super Bowl.
He had won $1,000,000 the month prior betting on the Rose Bowl, and had also reclaimed ownership over Barstool Sports, the company he founded, in 2023, so he had the capital.
This wasn’t one of the bets he spoke about in detail though, so the exact odds he got and the bookie he placed the bet with are not known. However, Kansas were offered at odds of around +110 (which is 2.1 or 11/10) with San Francisco being the favourites, so we can assume Dave got odds of around this.
That means that he stood to win more than double his stake, so just over $1,000,000 with $500k+ of that being a positive return.
Before the game was played, Portnoy was interviewed and explained that one reason he backed the Chiefs was because of their star quarterback, Patrick Mahomes.
It’s really simple. Always bet on Mahomes!
— Dave Portnoy (@stoolpresidente) February 12, 2024
He said he had ‘bought into’ the idea that you simply can’t bet against Mahomes.
It’s not exactly a sensible betting strategy, but it certainly worked out for Portnoy on this occasion.
How the Bet Was Won
The Super Bowl LVIII was played on the 11th of February 2024, and after the 49ers kicked off, the first quarter was quiet as far as points were concerned, with the score remaining 0-0.
San Francisco drew first blood with a field goal just seconds in the 2nd quarter, although the points were actually the result of a 46-yard drive at the end of the 1st.
Jake Moody converted a 55 yard field goal, setting a record for the longest field goal ever completed in the Super Bowl.
With just over 7 minutes still on the clock, the 49ers scored the first touchdown of the game after an eight-play, 67-yard touchdown drive, then converted it, meaning Kansas were trailing 10-0 with 4 minutes still to play of the first half.
After a long period of build up play, the Chiefs finally managed to get on the scoreboard with a 28-yard field goal by Harrison Butker, and the half ended 10-3.
The second half began with a lot of fight but no points scored, that is until a play started by Patrick Mahomes resulted in touchdown by Butker after a 47-yard drive. He also broke Moody’s record set earlier in the game, when he converted a 57-yard field goal.
The Chiefs were now ahead by 3 points, but not for long.
Another touchdown for the 49ers 4 minutes into the 4th quarter put the score back in their favour, but the field goal was blocked denying them the extra point. This would prove to be a pivotal moment, because had that point been won, San Francisco would have won the Super Bowl in regular time.
What happened instead, was magic.
With 6 seconds on the clock at the end of the 4th, after an incomplete pass from Mahomes to Kelce, the Kansas City Chiefs trailed 19-16, and Butker lined up for a 29-yard field goal, and it was good.
This meant overtime, and again the 49ers took control to begin with, scoring a field goal for an additional 3 points, but the Chiefs responded with a game winning touchdown. Mahomes got the ball to the 13-yard line with a very sneaky run before going down, then got the ball to Kelce who absolutely powered through the 49ers defence.
Starting a play from 4 yards out, Mahomes spotted Hardman wide and free, threw a perfect pass, and the game was won.