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Super Bowl Betting Odds 2024: Which Teams are Overvalued, Undervalued?

San Francisco 49ers wide receivers Brandon Aiyuk, left, and Deebo Samuel
San Francisco 49ers wide receiver Brandon Aiyuk (11) and wide receiver Deebo Samuel (19) celebrate a touchdown against the Jacksonville Jaguars during the first quarter at EverBank Stadium. Mandatory Credit: Morgan Tencza-USA TODAY Sports

Now that all 14 playoff teams are set, it’s time to look at Super Bowl betting markets. We’ll discuss the favorites and a few interesting long shot options, and I'll analyze all 14 teams in the weekly power rankings, which are available Tuesday morning.

Super Bowl Betting Odds

Ravens +31049ers +220
Bills +650Cowboys +750
Chiefs +1000Eagles +1600
Dolphins +1600Lions +1800
Texans +3500Rams +4500
Browns +3500Buccaneers +5500
Steelers +15000Packers +9000

The Favorites

San Francisco 49ers

The San Francisco 49ers are Super Bowl favorites despite losing decisively to Baltimore on Christmas night. There are a few reasons for the 49ers' odds. San Francisco has already blown out the Dallas Cowboys and Philadelphia Eagles, which is why the 49ers are -125 to win their conference. Additionally, the 49ers have played in three of the last four NFC Championships, including last year. They have the pedigree and the best roster in the league. 

There is little value in betting on San Francisco to win its next three games at +220 odds. In most scenarios, you’d be better off betting its money line on each playoff game and rolling over your winnings to the team's next money line wager.

Baltimore Ravens

It’s hard to doubt the Baltimore Ravens at this point with decisive wins against the Detroit Lions, Miami Dolphins and 49ers on Baltimore's résumé. That said, there is a high chance the Ravens will have to beat either the Buffalo Bills or Kansas City Chiefs in the AFC Championship. Both those teams have had more playoff success than the Ravens have since Jackson took over in Baltimore.

This Ravens team differs from past iterations, but it still has that hurdle to overcome. Similar to the 49ers, there’s little value in Baltimore at +310 odds.

Long shots

Houston Texans vs. Cleveland Browns

The path for both the Cleveland Browns and the Houston Texans is difficult because the winner of this game will then likely have to beat two of the Ravens, Bills or Chiefs on the road. The Browns have the elite defense to go on a run, and C.J. Stroud is already a dangerous man to bet against, but both teams have narrow paths.

Los Angeles Rams

The Los Angeles Rams are two years removed from winning the Super Bowl. Their defense has lost significant talent, but you could argue that their offense is better now than it was in 2021. Los Angeles faces a very beatable Lions team in the first round. 

If the Rams win that contest, they’ll likely face the 49ers, coming off a bye, in the Divisional Round. That’s a major obstacle, but Los Angeles is familiar with San Francisco, and that’s who the Rams beat in 2021 to get to the Super Bowl. If you’re going to bet on a long shot to win it all, the Rams are a good value.

Green Bay Packers

If the Green Bay Packers play their best game, they won’t be an easy out for Dallas in the Wild Card round. If the Packers upset the Cowboys, they would then face the 49ers. It’s much harder to see a victory in that contest, but Green Bay should be closer to 50-1 than 90-1 in betting markets.

Additional Thoughts

The Cowboys, Eagles and Lions are talented but flawed teams with at least one exploitable weakness. Beating San Francisco will be a tall task for any of them.

The Bills have been a perennial factor for years, and they’ve spent the last month playing must-win games. Buffalo’s +650 odds aren’t very enticing, but rolling over money line wagers through the four games it would need to win warrants some consideration.

The Chiefs’ offense has underwhelmed all season, but getting a Patrick Mahomes’ team at 10-1 odds is rare in Super Bowl markets.

Super Bowl Prediction: 49ers over Bills

Favorite Long Shot: Rams