Super Bowl Odds 2012: Spread, Total and Props Update

Super Bowl XLVI kicks off in less than six hours and NFL fans are starting to pile into Las Vegas sports books in order to get their wagers in before Kelly Clarkson belts out the national anthem.

The New England Patriots continue to hold steady as 2.5-to-3.0-point favorites over the New York Giants, while the total has fallen by as much as three points from its original number of 56.

Chad Ochocinco caught just 15 passes for 276 yards during the regular season, but he's been the biggest mover in the Super Bowl MVP market at most shops.

Let's take a closer look at the betting market before the action starts inside Lucas Oil Stadium in Indianapolis.

Point Spread

Wynn Las Vegas moved the New England Patriots down to a two-point favorite on Saturday afternoon, but that number has risen back to 2.5 with just over six hours to go before kickoff.

Any line move from here on out is centered around public action at this point, unless you see the Patriots get steamed up to the original number of 3.5.

It's certainly possible that some larger bettors have been waiting to see the Patriots' betting odds hit rock bottom before getting involved on game day.

That type of move may come if tight end Rob Gronkowski looks good in pregame warmups. 

More to come in my live-betting blog two hours before kickoff.

Total

I was one of many that was shocked to see the Super Bowl total come out at 56 on Jan. 22, as I figured the oddsmakers would establish the number at 48.5.

This particular series has gone "under" the total in the last two meetings by an average of 15 points, which includes the New York Giants' 17-14 victory over the New England Patriots in Super Bowl XLII inside University of Phoenix Stadium.

With both Tom Brady and Eli Manning scheduled to throw for over 300 passing yards in the proposition market, I'm not about to get involved in wagering on the total this year.

I made my pick two weeks ago.

Super Bowl MVP

New England Patriots wide receiver Wes Welker has been receiving the most action in the Super Bowl MVP market, causing his odds to fall from 15/1 to 12/1.

I'm not surprised due to the lack of value in backing Tom Brady or Eli Manning to win the award.

Chad Ochocinco has been an afterthought in New England for most of the year, but casual fans are backing him with money in this category.

The former Cincinnati Bengals star wide receiver has gone from 100/1 to 35/1 at Bovada sports book.

Good luck with that.