Super Bowl Bitcoin Prop – What Price?
What is a Super Bowl Bitcoin prop doing on the list of Super Bowl 53 props?
Other than the fact that many new bettors are using cryptocurrency and are probably using Bitcoin to bet on Super Bowl 53, not a whole lot. But that doesn’t mean you shouldn’t be able to place bets on a Super Bowl Bitcoin prop.
So Bovada (which is offering a juicy Super Bowl signup bonus by the way) posted a Bitcoin prop along with its other traditional financial markets prop (will the S&P 500 close higher or lower on the day after the Super Bowl). More on that below.
How does the Super Bowl Bitcoin Prop Work?
The Bitcoin prop asks whether the price of the largest cryptocurrency will rise or fall during the game. Bitcoin has a history of price volatility, but you have to wonder how much movement there will be, especially when everyone on earth will be watching the game, not checking their bitcoin wallets.
The favorite position is higher, which was listed early in the week at -130. If you think it will be worth less, that is a -110 position. The prop fine print doesn’t say which site or exchange’s data will be used, but presume it will be Coindesk.com.
Back to the S&P 500 market close on Monday Feb. 4. Last year, the Monday after Super Bowl 52 saw the stock market crash more in one day than it did in six years, according to this Forbes piece from last February.
The Dow Jones Average plunged 6.2% while the S&P 500 Index fell 4%. The Bovada prop this year is an interesting multiple-choice answer. If you think the New England Patriots will win and the Index will close higher, that is one choice. Ditto the option of the Pats winning and the Index falling like last year.
The other two options related to the Los Angeles Rams, same options. Numbers below are courtesy of Bovada Sportsbook.
Patriots win the Super Bowl and S&P 500 Index closes above previous close +200
Patriots win the Super Bowl and S&P 500 Index closes below previous close +200
Rams win the Super Bowl and S&P 500 Index closes above previous close +270
Rams win the Super Bowl and S&P 500 Index closes below previous close +270