In the days before every Super Bowl Sunday, sportsbooks nationwide get a spike in betting activity because everyone wants to get in on that big game action. This year’s Super Bowl is particularly exciting because, for the first time, the game will be played in America’s gambling capital, Las Vegas.
Research conducted by Eilers & Krejcik Gaming (EKG) has predicted that American punters will bet $1.25 billion with regulated sportsbooks across the country. The study also revealed that the Super Bowl is the most wagered sports event because it accounts for 1% of the country’s handle.
EKGs report did not include revenue predictions for sportsbooks because of how unpredictable the factors influencing revenue can be. Instead, the report highlighted that sportsbooks do not prioritize revenue for Super Bowl bets. They are more interested in acquiring new customers, retaining them for the new season, and advertising other offers.
Despite all the exciting live betting options sportsbook operators offer, most Super Bowl bets are still pre-match bets. Since the punters attracted to the big game are mostly recreational bettors, they prefer to place their simple pre-match wagers and leave the complex betting features for the sharps.
AGA Survey Estimates That Over 67 Million Americans Will Bet on Super Bowl LVIII
As already highlighted, statistics always show that most bets on Super Bowl matches are pre-match bets. However, this year, EKGs research reports that even though pre-match bets will still take the lead, live bets will make up 10% to 15% of the total handle for Super Bowl regulated bets.
EKG also estimates that the same game parlays will be responsible for 25% of the total bet on the 2024 Super Bowl. Notably, EKG's research only focused on Super Bowl bets in regulated sportsbooks.
An independent report published by the American Gaming Association (AGA) covered bets to be placed with licensed sportsbooks, illegal betting platforms, and offshore online operations. The numbers published by the AGA are based on a survey carried out by Morning Consult on 2,204 respondents over the legal betting age.
According to the survey, 26% of adults in the US, totaling 67.8 million people, are projected to bet on the big game. The AGA estimates that the total handle from all these bets will go as high as $23.1 billion.
Sports betting has gained more popularity in the US since the last Super Bowl, and this is why it is no surprise that this year’s betting predictions beat the estimations for previous years.
Las Vegas Projected to Lead Other States on Super Bowl Handle
Back to EKG’s report, the study predicts that Las Vegas sportsbooks will be responsible for 12.8% of the total bet on the Super Bowl. This is the first time that Vegas will be hosting the Super Bowl, and with the state’s reputation with gambling, there are no doubts that it will lead the state-level handle.
Playing such a big game in Nevada is crucial in the betting industry. Speaking on it, AGA President Bill Miller said, "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."
The big betting action has already begun as Caesars in Las Vegas reported taking a $100,000 bet on the game’s coin toss to land as tails. The same sportsbook also reported getting a $1m wager on the San Francisco 49ers to win.
New York is the only state closely following Las Vegas in state betting handle in the EKG report. The report projects that The Big Apple will be responsible for 12.4% of the total Super Bowl handle.
