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Super Bowl 2024 betting: Action slowly inching toward 49ers as line holds steady

The 49ers are 2-point favorites over the Chiefs

Bettors are inching their way toward the San Francisco 49ers as the Super Bowl gets closer and closer.

The 49ers have held steady as 2-point favorites over the Kansas City Chiefs in Super Bowl LVIII on Sunday and bettors are slowly backing the 49ers, even if the Chiefs are still the preferred team at BetMGM. A week ago, over 70% of bets were on the Chiefs to win. While plenty of bettors who have wagered over the past week have made bets on the Chiefs, more bettors have placed their money on the 49ers. As of Thursday morning, the 49ers are now getting 32% of bets on the game.

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There has been very little line movement since the Super Bowl matchup was finalized. The spread has held steady at two points after a slight vacillation in the days after the conference championship games. After opening at two points, the line briefly moved to 1.5 points before settling back at two. At this point, it’ll be surprising if the line moves significantly one way or another before kickoff barring some monstrous action on either side.

Wednesday’s injury report certainly didn’t do anything to surprise bettors. The Chiefs were without Pro Bowl guard Joe Thuney in practice and he looks unlikely to play on Sunday. However, Thuney’s absence is expected. The Chiefs have not been bullish on his chances of playing in the Super Bowl after he missed the AFC title game with a strained pec suffered in the divisional round win over the Buffalo Bills.

As most bettors are looking to take the Chiefs and the points, the majority of moneyline bets are also on Kansas City. The Chiefs are +130 to win — San Francisco is at -110 — and nearly three-quarters of the straight up bets are on the Chiefs to win back-to-back Super Bowls.

The over/under has also held steady as bettors are thinking we could have a high-scoring Super Bowl. The total is at 47.5 with nearly two-thirds of bets on the over. The last two matchups between the 49ers and Chiefs have gone over this total. The Chiefs beat the 49ers 31-20 in Super Bowl LIV after trailing 20-10 in the second half, and Kansas City beat San Francisco 44-23 in the regular season in 2022. That game, however, came with Jimmy Garoppolo at quarterback for the 49ers and was months before Brock Purdy took over as the starting QB.

SANTA CLARA, CA - JANUARY 28: Brock Purdy #13 of the San Francisco 49ers before the NFC Championship game against the Detroit Lions at Levi's Stadium on January 28, 2024 in Santa Clara, California. The 49ers defeated the Lions 34-31. (Photo by Michael Zagaris/San Francisco 49ers/Getty Images)
The San Francisco 49ers have held steady as 2-point favorites over the Kansas City Chiefs ahead of Super Bowl LVIII. (Photo by Michael Zagaris/San Francisco 49ers/Getty Images) (Michael Zagaris via Getty Images)