Super Bowl Sees Record Sports Betting NumbersCasinos Report Losses With Kansas City Underdog Win |
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This year’s Super Bowl not only brought the second-straight championship for the Kansas City Chiefs but also produced some interesting gambling numbers. That included record wagering amounts across the country.
However, recent reports also indicate that casinos experienced some rough results when all the numbers came in. The Chiefs overtime win registered some big losses for some sportsbooks. Here’s a recap of some of those figures.
Sports Betting Numbers
With more states than ever offering legal sports betting, this year’s big game produced large betting numbers across the board. Online gaming geolocation provider company Geocomply offered some insight on how popular mobile sports betting has become.
The company noted a 22% increase in geolocation checks over Super Bowl weekend along with 8.5 million active accounts across the country, an increase of 15% from the 2023 Super Bowl.
Right before kickoff, Geocomply saw a record 15,000 transactions per second, doubling the number from 2023. Overall, there were 122 million location checks processed. Legal operators also registered 1.8 million new users in the two weeks before the game and there were 13.7 million new accounts opened during the 2023-24 NFL season, a 28% increase from 2022-23.
These betting trends fall into line with other forecasts for the game. The American Gaming Association recently predicted a $23.1 billion total bet on the Super Bowl in all forms of wagers, up from $16 billion last year.
In Nevada, which hosted the game in Las Vegas, state regulators reported a record $185.6 million wagered, up from $179.8 million in 2022.
Casino Losses
A look at the Nevada numbers, however, may offer some insight into what casinos experienced on the wagering front. The state saw just a 3.7% hold percentage, with only $6.8 million going to the casinos. There have been only three lower win rates since 2015.
Overtime brought two scenarios that were apparently bad for casinos – the Chiefs winning and the number of gamblers who bet on the game going to overtime.
Kansas City entered the matchup as an underdog but reports note that the action was very lopsided on the Chiefs, giving casinos more risk if the team won. Sportsbooks also reported seeing heavy wagering on the overtime bet, with odds from 9-1 to 11-1 depending on the sportsbook.
Caesars Sports reported losing seven figures on the overtime betting. Other books reported similar losses.
“The Chiefs force OT and then win … there is nothing that could’ve been worse,” Las Vegas Westgate SuperBook executive director John Murray told ESPN.
Major Action
The days preceding the big game saw several nosebleed stakes wagers rolling at various sportsbooks. Circa Sports booked a $1 million wager on the Chiefs at +2. PointsBet reported $1 million on the 49ers at +2.
Another $1 million was bet on the 49ers moneyline at BetMGM. Poker pro and handicapper Sean Perry has seen his own share of heavy action in recent years and put $1.1 million on the 49ers.
That didn’t work out this year and also came after deciding not to accept a deal with some of the few remaining players in the $9.2 million Circa Survivor contest. He was then eliminated when his team lost.
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