It is the first year that Nevada sportsbooks have been allowed to accept wagers on the Super Bowl MVP.
Newton is listed at odds of 5-7 (-140) at William Hill, where 48 percent of the money in the Super Bowl MVP pool was on Newton as of Monday evening. No other player has attracted more than 9 percent of the money in the pool.
Denver Broncos quarterback Peyton Manning is the second favorite at 7-2, but both Panthers linebacker Luke Kuechly (15-1) and Broncos defensive end Von Miller (20-1) have received more bets than Manning.
Only Newton has drawn more bets than Kuechly.
Quarterbacks have won the MVP award in 27 Super Bowls, including five of the last six.
Newton is also the favorite to the score the game's first touchdown. He's listed at 7-1 at Vegas sportsbook operator CG Technology.
"They're betting over on all the Newton prop bets," CG Technology vice president of race and sports Jason Simbal said.
The Nevada Gaming Control Board prohibits betting on events that are determined by a vote or do not have an official on-field result, unless those events have been specifically requested and approved for betting. The books can take action on the Super Bowl MVP until 6 p.m. ET Sunday, 30 minutes before the game kicks off.