Super Bowl Projected Bets to Exceed $1 billion

There Are Plenty of Wagering Opportunities For Bettors

January 31, 20240 99 3 minutes readGambling News

Super Bowl Projected Bets to Exceed $1 billion — Photo taken from: legalsportsreport.com

Illegal Betting Estimates Vary Greatly
Prop Bets Help Betting Handle

The Super Bowl is the most heavily bet single game in the United States on an annual basis. This year will be an all-time high due to the expansion of legalized sports betting in more and more states.

There could also be an influx on new bettors looking to make Super Bowl prop bets due to the Taylor Swift factor. Legal Sports Report predicts the amount of Super Bowl projected bets will be roughly $1.3 billion. But those are just legal bets. The total amount wagered on the game will be much higher.

Last year’s Super Bowl set a betting record with an estimated $1.08 billion wagered legally. But with more states allowing online gambling, that number should be surpassed. Still, Nevada is expected to see more money wagered on the Super Bowl than any other state. It doesn’t hurt that the game is being played in Las Vegas.

Ne York and New Jersey are both expected to take in more than $110 million on the big game. Florida, which is new to legalized sports betting, is estimated to take in close to $90 million. But that number could change.

There isn’t any previous data to fall back on, so how Floridians bet on the game remains to be seen. Florida has just one legal betting outlet that has been in existence since December, so there aren’t as many customers as other states.

Ohio is predicted to attract the fifth-highest number of wagers on the game, followed by Pennsylvania. Pennsylvania is a little tricky to project based on last year’s numbers. Philadelphia played in the Super Bowl, which undoubtedly attracted extra bets.

Illegal Betting Estimates Vary Greatly

The dollar amount of Super Bowl projected bets goes up greatly when illegal wagers, office pools and wagers among friends are considered. The American Gaming Association, which is the “premier national trade group for the U.S. casino industry,” estimated that 58 million Americans would wager $16 billion on last year’s Super Bowl, which was up 61% from 2022.

The AGA estimated 30 million people bet through their choice of best online sportsbook, at a retail sportsbook or through a bookie. An additional 28 million people were predicted to place casual bets among family and friends or partake in various office pools and squares contests.

To determine its Super Bowl projected bets total of $16 billion, the AGA had Morning Consult conduct an online survey of 2,199 adults. The amount seems high, but AGA has consistently had higher Super Bowl projected bets than other outlets. Also, trying to predict the amount of illegal wagers is a difficult task.

But with San Francisco playing in this year’s game and sports betting yet to be legalized in California, the amount wagered is going to be huge. Texas is the other big state where sports betting hasn’t been legalized.

Prop Bets Help Betting Handle

One reason Super Bowl wagering is so popular is the addition of prop bets. Bettors can wager on nearly everything imaginable. Not all of them have to do with the game. This year will see a number of Taylor Swift related bets, among the others offered.

Those betting on the game will have plenty of company. Roughly 175 million people have access to legal sportsbooks in their home states. And many others will have access to some form of betting on the game, legal or not.