Americans Set to Bet Big on Super Bowl LIX
The Super Bowl isn't just about football; it's also become a major event for sports betting, and this year, Super Bowl LIX is expected to see an unprecedented amount of legal wagers. According to the American Gaming Association (AGA), over $1.39 billion is projected to be legally bet on the event, setting a new record for the U.S. This milestone reflects the burgeoning sports betting industry, which has expanded rapidly since 2018 when the Supreme Court lifted federal restrictions, allowing states to regulate the market.
Currently, legal sports betting is available in 38 states, Washington, D.C., and Puerto Rico. The AGA's projections only account for legal bets, painting a clearer picture of the industry's legitimate growth compared to past estimates that mingled legal and illegal channels. A significant factor in this surge is the accessible and extended reach of legal sports betting platforms.
High-Stakes Wagers and Market Impact
Sportsbooks are already seeing substantial stakes being placed on the Super Bowl LIX match-up between the Eagles and the Chiefs. The Eagles are drawing hefty bets, including an $800,000 and another $750,000 wager placed on the moneyline through BetMGM in Nevada. Over at DraftKings, a sum of $300,000 is tied up in three separate tickets on the Eagles.
Despite the hefty support for the Eagles, the Kansas City Chiefs are heading into the game as slight favorites. A remarkable futures bet was made with $100,000 placed on Kansas City at +850 odds back in January 2024, showing the confidence some have in the Chiefs' performance.
While the focus is on Super Bowl LIX, it's worth noting the potential pitfalls—evidenced by Nevada sportsbooks, which recently reported a $5.3 million loss on NFL bets in December 2024, their largest since 2012. This underscores the unpredictable nature of sports betting.
More than just a game, the Super Bowl commands the attention of approximately 115 million viewers, with nearly 40% expecting to place bets. The AGA underscores the benefits of the legal market, which not only offers consumer protection and generates tax revenue but also shifts the landscape from illicit to regulated, promoting fair play and oversight.
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