Sports Bettor Loses $506,000 on the Cleveland Browns

  • The New Jersey man placed his wager at the Ocean Resort Casino sportsbook in Atlantic City
  • The Cleveland Browns failed to cover the 4.5 points spread against the Rams for his bet to win
  • This was the largest sports bet recorded in the current NFL season to date
  • Despite this big loss, sportsbooks were hit hard by other bets on the Browns game
football player holds helmet with arms raised as he's about to enter the football pitch
A sports bettor lost $506,000 betting on the Cleveland Browns last weekend. [Image: Shutterstock.com]

Agonizing loss

A gambler in New Jersey lost $506,000 he had wagered on the Cleveland Browns on Saturday. He was backing the Browns to cover the spread in their game against the Los Angeles Rams. 

a lot of sportsbooks across the country were hit hard

The spread for the game was +4.5 points for the Cleveland Browns, but they lost 20-13, meaning they did not cover the spread. The bet of $506,000 was made at the Ocean Casino Resort in Atlantic City. Even though this particular casino won big on the game, a lot of sportsbooks across the country were hit hard by the game’s result. 

Popular game for bettors

Of all the bets placed at the Caesars sportsbooks on the spread market for this game, 76.3% of the money was staked on the Rams. Of all the bets made, 81.2% of them were in favor of the Log Angeles Rams beating the spread. At the various MGM sportsbooks, nine times the sum staked on the Browns was wagered on the Rams.

The William Hill sportsbook’s director of trading, Nick Bogdanovich, spoke about these losses:

Even with the big fluke bet we took, this result was still horrible for us.”

According to Bogdanovich, there was a massive handle bet on the game. To date, it was the highest amount staked on a game this season. William Hill had extended the spread from 2.5 points to 4 points, with the majority of live bets also being placed on the Rams. 

Bogdanovich confirmed that the $506,000 bet on the Browns was the biggest bet seen during this season. The bettor in question is a regular customer of the sportsbook at the Ocean Casino Resort.

Other notable bets

There were other large sums of money staked on games during week three of the NFL season. 

A sports bettor wagered $208,000 on the Minnesota Vikings defeating the Oakland Raiders. The bet was placed online at DraftKings. The Vikings were victorious on a margin of 34-14, which saw the bettor make a profit of $56,200 after getting his money line at -370.

The online PointsBet sportsbook was hit hard again in week three of the season. A bettor staked $390,000 on a two-team parlay bet involving the San Francisco 49ers and the Green Bay Packers. With both teams winning, his profit amounted to $300,000. 

In week two of the NFL season, the Australian bookmaker PointsBet suffered a $600,000 loss from a single $30,000 wager