Kirby Lee-USA TODAY Sports
The Ravens opened as five-point underdogs, but that line quickly fell to 3.5 points where it has held steady.
After some early movement in favor of the Ravens, the line for Super Bowl XLVII has settled with the 49ers as 3.5-point favorites. The line opened with the Ravens as five-point underdogs, but the early money came in on Baltimore and moved the spread down to 3.5 points.
The Ravens are coming off two games in which they were large underdogs, but were able to win outright. Baltimore closed as a nine-point underdogs prior to beating the Denver Broncos in the Divisional round and closed as eight-point underdogs to the New England Patriots in the AFC Championship.
Baltimore's recent playoff performance caused a lot of bets to be made on the Ravens early after the line was set, but now that it settled at 3.5 points, money is coming in on the 49ers as well with the betting nearly even on both sides.
Both teams have covered the closing spread in all of their playoff games this season. In additions to two wins as the underdog, the Ravens covered as 7.5 point favorites over the Colts in the Wild Card round. The 49ers have covered as favorites in both their playoffs games; they were favored by three over the Packers and by 3.5 points over the Falcons.