how much is being bet on the super bowl
How Much Money is Bet on the Super Bowl?
The Super Bowl is consistently the biggest single-event sports betting opportunity in the US. While the exact amount bet legally varies each year, the Super Bowl easily draws billions of dollars in wagers. For example, Super Bowl LVII in 2023 saw over $16 billion bet legally in the US, with experts predicting over $23 billion wagered on Super Bowl LVIII in 2024.
The Amount Bet on Super Bowl 2023
Super Bowl LVII, held on February 12, 2023, between the Kansas City Chiefs and Philadelphia Eagles, was a record-breaking event for legal sports betting. While unofficial estimates had previously circulated, the American Gaming Association (AGA) confirmed that over $16 billion was wagered legally across the United States on the game. This represented a significant increase from the $7.6 billion wagered legally on Super Bowl LVI in 2022. Nevada, long the epicenter of US sports betting, reported a handle of $153.1 million on the game. The dramatic increase in overall handle showcases the rapid expansion of legal sports betting across the US, with more states launching legal markets each year. This growth in legal betting is expected to continue, leading to even larger handles for future Super Bowls.
Projected Amount Bet on Future Super Bowls
Given the explosive growth of legal sports betting in the US, projections for future Super Bowl wagering are understandably bullish. Experts predicted that over $23 billion would be wagered legally on Super Bowl LVIII in 2024, and this upward trajectory is expected to continue in the coming years. This anticipated growth is driven by several factors, including the launch of legal sports betting in new states, the increasing popularity of mobile sports betting, and the growing acceptance of sports wagering as a mainstream form of entertainment. Some industry analysts even predict that the Super Bowl could eventually generate over $50 billion in legal wagers annually as the market matures and more states authorize sports betting. However, responsible gambling advocates stress the importance of providing resources and support to ensure this growth occurs in a safe and sustainable manner.
How Super Bowl Betting Compares to Other Events
The Super Bowl stands alone as a betting behemoth, dwarfing the handle generated by other sporting events. While major events like the NCAA Men’s Basketball Tournament (March Madness) and the FIFA World Cup attract significant betting interest, they pale in comparison to the Super Bowl’s single-day draw. For instance, the American Gaming Association estimated that roughly $3.1 billion was wagered legally on the 2023 NCAA Men’s Basketball Tournament, a sizable sum but still a fraction of the $16 billion plus wagered on Super Bowl LVII that same year. This discrepancy highlights the Super Bowl’s unique cultural position as a crossover event that transcends traditional sports fandom, attracting casual viewers and bettors alike. This broad appeal, combined with the spectacle surrounding the game, contributes to the Super Bowl’s unparalleled status as a betting juggernaut.
The Impact of Legal Sports Betting on Super Bowl Wagers
The expansion of legal sports betting across the US has had a profound impact on Super Bowl wagering. As more states legalize and regulate sports betting, the amount of money wagered legally on the Super Bowl has skyrocketed. This is a stark contrast to the pre-legalization era, where the vast majority of Super Bowl bets were placed through unregulated offshore sportsbooks or informal channels. The legalization trend has brought Super Bowl betting into the mainstream, making it easier and more accessible for fans to engage. This increased accessibility, coupled with sophisticated marketing campaigns by sportsbooks and a wider array of betting options, has fueled the surge in Super Bowl handle. Furthermore, the transparency and consumer protections offered by regulated sportsbooks have instilled greater confidence among bettors, contributing to the overall growth of the legal market.