Las Vegas Super Bowl To Set Records For Betting TotalsMichigan Bettor Puts $1 Million On Niners |
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This year’s Super Bowl will be the first ever held in Las Vegas and should attract a record betting total among Americans when the Kansas Chiefs square off against the San Francisco 49ers on Sunday.
Legal Sports Report (LSR) recently offered an analysis on what to expect on the wagering front this year for the big game. The site estimated that the country’s 39 regulated markets will see bets totaling almost $1.3 billion, topping last year’s total of almost $1.1 billion.
“Depending on how those tickets settle, U.S. sports betting operators stand to win north of $100 million on Super Bowl 58 to close the books on another stellar football season,” the site noted.
The American Gaming Association agreed, according to results from new survey. The AGA says that a record 67.8 million American adults (26%) are expected to bet on the Super Bowl, a 35 percent increase over last year.
“As the Super Bowl comes to Las Vegas for the first time, this year’s record interest in wagering marks a full circle moment for the U.S. gaming industry,” said AGA President and CEO Bill Miller. “Our priority remains getting this opportunity right by providing the consumer protections only a regulated market can guarantee and investing in responsible gambling tools, safeguards and education.”
Growing Pool Of Bettors
Legal, regulated sports betting has grown rapidly across the country since the Supreme Court cleared the way for state-by-state wagering legalization in 2018. LSR estimates that 175 million Americans can now legally bet on this year’s Super Bowl.
According to the report, 25% of handle includes parlay wagering, while 10% includes outstanding futures bets. Super Bowl wagering is usually 0.75% to 1.25% of the annual handle for a given state, which is equal to about three to four typical days of overall betting.
Since legalizing online betting, New York has become the country’s largest market, and is up 20% already so far this year. However, Nevada has remained the champion of Super Bowl betting. That could continue this year, especially considering the game will be played at the city’s Allegiant Stadium.
Inside The Numbers
The 49ers enter the game as the favorite, with books offering anywhere from a 1.5 to 2.5-point spread. When it comes to which team bettors are picking, BetMGM offered a look at some numbers last week.
Despite San Francisco sitting as the favorite, there may have been a bit of a Taylor Swift effect, with the majority of bets coming in on the pop star’s boyfriend Travis Kelce and the Chiefs to cover. There are also five times as many bets on the Chiefs moneyline versus the 49ers. In Kansas, predictably, 93% of bets and 95% of money is on the hometown favorite to cover.
Not every prognosticator believes in the Chiefs, however. Caesars Sports reported that a bettor in Michigan put an even $1 million on the 49ers moneyline at -120.
Per
CaesarsSports</a>, a Michigan bettor dropped $1 million on 49ers moneyline -120 vs. Chiefs. (<a href="https://twitter.com/tdewey33?ref_src=twsrc%5Etfw">tdewey33 first to report)
If #FTTB beats #ChiefsKingdom on #SuperBowl Sunday, bettor would profit $833,333.33. pic.twitter.com/EIJleqku1R— Patrick Everson (@PatrickE_Vegas) January 30, 2024
The same bettor also wagered $200,000 that 49ers quarterback Brock Purdy would be named the game’s MVP at +240 and another $100,000 on the coin toss being tails at -105. If all that hits, the Michigan handicapper would secure a profit of more than $1.4 million.
As sports betting surges in popularity, even more states are considering sports betting – including efforts in California, Hawaii, and Missouri.
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