Super Bowl Odds 2012: Spread Continues to Fall on the Las Vegas Strip

The New England Patriots are now favored by just two points over the New York Giants at one of the more respected sports books in Las Vegas with just more than 30 hours to go before kickoff in Super Bowl XLVI.

Wynn Las Vegas moved the betting odds down a half-point at 2:04 p.m. ET, while the total has held steady at 54.

I'm definitely happy to have beaten the initial line move when the betting odds were released immediately after the NFC Championship Game on Jan. 22, but I definitely have to consider the option of "middling" America's biggest sporting event.

The Giants have received nearly 60 percent of the straight-bet wagers for Sunday's game inside Lucas Oil Stadium, causing most book-makers to move off one of the key numbers in sports betting.

It's definitely appealing to play the Patriots at this point in time if you were lucky enough to get the Giants at their highest point, especially considering that the AFC champions have won all three of their Super Bowls by a three-point margin.

New England represents serious value at this point when considering it kicked off as a nine-point home favorite over New York in a 24-20 regular-season loss on Nov. 6.

The Patriots have also been favored by three points or more in 17 of their 18 games during the regular season and playoffs, with the lone exception coming in their second meeting with the New York Jets. Quarterback Tom Brady led the AFC East champions to a convincing 37-16 win as 2.5-point road underdogs in that contest inside MetLife Stadium on Nov. 13.

Don't get too concerned about the point spread when you step up to the betting window; in simplistic terms, it's basically a number that's generated to attract equal action on both sides.