Las Vegas Makes History as Host of Super Bowl LVIII, Breaking Betting Records
For the first time ever, Las Vegas had the honor of hosting Super Bowl LVIII, and it was a record-breaking event for the city’s sports betting industry. Nevada sportsbooks saw an astonishing $185.6 million in wagers, setting a new record and highlighting the immense popularity of sports betting in the region. This figure represented a significant increase from the previous year, with a 21.2% surge in betting activity.
The Kansas City Chiefs emerged as the victors in a thrilling matchup against the San Francisco 49ers, securing their second consecutive Super Bowl title and third in five years with a 25-22 overtime victory. Despite being 2-point underdogs, the Chiefs defied the odds and sent shockwaves through the sports betting world.
Michael Lawton, senior economic analyst at the Nevada Gaming Control Board, attributed the record-breaking handle to several factors, including the matchup with a West Coast team from the No. 2 feeder market for Las Vegas, as well as the defending champions, and the game being played in Las Vegas itself.
However, the overwhelming support for the Chiefs from the betting public led to a relatively low hold percentage of 3.7% for Nevada’s 182 sportsbooks, resulting in a collective win of $6.8 million. This presented a challenge for the sportsbooks, as successful bets on the overtime prop and the public’s strong backing of the Chiefs impacted their profitability.
Las Vegas solidified its position as the epicenter of Super Bowl betting fervor, with five of the eight $1 million bets nationwide being placed in the city. Stakeholders such as BetMGM and Circa Sports played a significant role in the success of the event and were commended by Kirk Hendrick, chairman of the Nevada Gaming Control Board, for their contributions.
Even Canadian rapper Drake got in on the betting action, placing a notable $1.15 million bet on the Kansas City Chiefs. Despite concerns about the “Drake curse,” the rapper’s bet paid off as the Chiefs emerged victorious, breaking the curse. This marked the second year in a row that Drake successfully backed the Chiefs, earning him approximately $2.34 million according to his bet slip.
As the dust settles on Super Bowl LVIII, Las Vegas can celebrate a historic milestone, showcasing its status as the ultimate destination for sports betting enthusiasts worldwide.