One of the more interesting Superbowl betting props available at most sportsbooks involves wagering on who will win the game MVP.  Unlike many of the prop bets we’ve discussed thus far which specifically try to eliminate any direct dependence on the outcome of the game, this is clearly one that has everything to do with who wins and how they do it.

Perhaps the most important thing to keep in mind when betting on a proposition of this sort is to do your ‘due diligence’ and shop around at a variety of sportsbooks for the best prices.  Moneylines can and do vary widely from one place to another, and there’s no reason to take a position at +1000 when you can easily get +1500 at another book.  For this wager we’ll discuss two different strategies, one dealing with the most likely winner and the other offering some good value longshots.

To keep it simple, we’ll limit ourselves to the betting lines available at Bodog and Bookmaker.

SUPERBOWL MVP:

Based on the betting odds, Peyton Manning and Drew Brees are the favorites to win the Superbowl MVP.  This isn’t surprising not only due to their importance to their teams and style of football played by the Colts and the Saints, but is also based on considerable historical precedent.  Quarterbacks have been named the MVP in 22 of the first 43 Superbowls.  Manning has won the award once already, as he was named Superbowl MVP for the 2007 game.

If you want to keep it simple, this bet doesn’t really require much handicapping beyond this.  If you like the Saints to win, find the best price you can on Drew Brees and if you like the Colts, do the same thing with Peyton Manning.

PEYTON MANNING TO WIN SUPERBOWL MVP -225
DREW BREES TO WIN SUPERBOWL MVP +250

We can make this even more interesting by finding a couple of nice longshot positions.  First, we’ll eliminate defensive players from our consideration.  Although 6 defensive players have been named Superbowl MVP, its hard to see that happening in this particular matchup.  We’ll also eliminate the running backs on both teams from consideration.  7 running backs have been named Superbowl MVP, but given the pass oriented nature of both offenses its also unlikely here.

In theory, Colts’ tight end Dallas Clark is an intriguing choice.  He’s available at +1500 and tied with Reggie Wayne for the team lead in receiving TDs with 10.  The problem is that no tight end has ever won Superbowl MVP.  The only offensive positions that have won the award are QB, RB and WR.  So with the teams involved playing the way they do, we’ll focus on the team’s leading TD receivers:

REGGIE WAYNE +1000
AUSTIN COLLIE +2000
ROBERT MEACHEM +2500
MARQUES COLSTON +1500

Were it me, I’d combine the two strategies and wager a larger amount on the two ‘likely’ MVPs and a smaller amount among the ‘longshot’ MVPs.  The general idea is to set up a situation where you win a little if the favorites hit, and a larger payday if the longshots come through.