Normally you will see the top two seeds in each conference the favorites in Super Bowl betting odds. Sometimes a team will repeat in Super Bowl odds. The last team to do so was the New England Patriots in the 2003 and 2004 seasons.
Super Bowl odds this season had the New York Giants as one of the favorites based on their win last year. The Giants though are already gone in Super Bowl betting. The defending champs were knocked out by a #6 seed (Philadelphia Eagles.) In 2009 Super Bowl odds there is not a top seed remaining. The Pittsburgh Steelers are the highest seed remaining in Super Bowl odds. Pittsburgh was a #2 seed in the AFC and they are now the favorite in Super Bowl odds. The other three teams had lower seeds. Philadelphia is a #6 seed, Baltimore a #5 seed and Arizona a #4 seed. The Cardinals were seeded higher because they won their division while Philadelphia and Baltimore were Wild Cards. The Cardinals actually hosted the NFC Championship game as a #4 seed but they were underdogs against the sixth seeded Eagles.
Before the Patriots repeated as Super Bowl betting winners the last team to win back-to-back Super Bowls was the Denver Broncos in 1997 and 1998. The Cowboys did it back in 1992 and 1993 as Super Bowl odds history shows. Rarely though is there any value in wagering on a team to repeat in Super Bowl odds. The Giants had some decent value in Super Bowl odds before the season since the Patriots were considered nearly unbeatable but both New England and the Giants are gone.
Super Bowl odds will change throughout the season and during the playoffs. Teams like Baltimore and Arizona were better than 50-1 in Super Bowl odds before the season began but both are now less than 10-1. Pittsburgh and Philadelphia were about 20-1 in Super Bowl odds early in the season but they are now the two favorites in Super Bowl betting.
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