NEW YORK (MarketWatch) — The rematch in this year’s Super Bowl between the New York Giants and New England Patriots has many fans looking forward to Sunday’s game, but for Las Vegas bookies it brings bad memories.

The first Super Bowl between the teams in 2008 led to a cumulative loss of $2.6 million among Vegas bookies, as the Giants scored one of the biggest upsets in the history of the National Football League championship game.

The 14-point underdog Giants beat the previously undefeated Patriots 17-14 with a go-ahead touchdown with 35 seconds remaining. It was Vegas’ first overall loss on Super Bowl wagers since 1995.

This year’s game in Indianapolis won’t see that type of upset because the teams are viewed more evenly this time around. The Pats are still favorites, giving 3 points in the consensus Vegas line, according to VegasInsider.com.

”Last time it was David versus Goliath; this time it’s more like a sibling rivalry,” said Jay Rood, vice president of the Race & Sports Book for MGM Resorts International MGM, -4.02% . “The expectations are very different.”

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Rood opened MGM’s book with the Patriots as 3.5-point favorites, though as of late Wednesday the line was 2.5 points. He said 60-65% of the point-spread bets were on the Giants. Money line bets at MGM were 70-75% in favor of Big Blue, said Rood; as of late Wednesday, a $100 money line bet on New York would see a $120 win if the team triumphs on Sunday.

While this year’s Super Bowl could set a television ratings record, surpassing last year’s 111 million audience, the game could see close to a record amount in wagers placed with Vegas bookmakers. The largest total amount bet on a Super Bowl was $94.5 million for 2006’s game between the Pittsburgh Steelers and Seattle Seahawks. The total wagered on last year’s game between the Steelers and Green Bay Packers was $87.5 million.

Rood said based on betting action in the earlier playoff rounds and over the past 10 days, Vegas could see more than $90 million wagered on the Super Bowl for the first time since 2008; from 2005-2008 wagers topped $90 million every year. He noted that typically games with heavy favorites see larger wager totals, because they bring in large, seven-figure bets from gamblers who are willing to bet that much to garner a — in theory assured — six-figure win. See table of total wagers for past 10 Super Bowls (external link).

Despite being the underdogs, the Giants are on a hot streak. The 9-7 team is only the second in National Football League history, after the Arizona Cardinals in 2009, to reach the Super Bowl by beating three teams with better records. The Giants have won their past five games, outscoring opponents 141-67, and beat the Patriots 24-20 on the road on Nov. 6.

The Patriots are favorites for a reason. The team finished the regular season with a 13-3 record, and while it struggled on defense its offense averaged 32.1 points and 428 yards a game, third- and second-most in the NFL this season, respectively. This season’s Patriots offense is one of the 10 best of the past 20 years, according to Football Outsiders.