As Super Bowl fever grips the United States, all eyes are turning to the world of sports betting, with experts predicting a staggering $1.25 billion in regulated wagers to be placed on the big game.
Research conducted by Eilers & Krejeck Gaming (EKG) has revealed that the Super Bowl is the pinnacle of sports betting in the US, capturing 1% of the country’s total handle. The report, while refraining from making revenue predictions, emphasized the game’s crucial role in customer acquisition and cross-selling for sportsbook operators.
EKG also highlighted the growing importance of in-game or live betting, which is expected to contribute significantly, comprising 10% to 15% of the total Super Bowl handle this year. Despite higher industry averages, recreational customers tend to prefer pre-match betting, particularly for football and the Super Bowl.
The online sports wagering industry, which has faced technological challenges in recent years, is working to regain customer trust and capitalize on growing segments such as same-game parlays and live betting.
At the state level, predictions indicate that Nevada and New York will lead the way in Super Bowl betting, with Nevada expected to command 12.8% of the handle and New York closely following at 12.4%. Additionally, states like New Jersey, Pennsylvania, and Illinois are expected to be among the top five contributors.
Surprisingly, despite its larger population, Michigan is estimated to contribute around 3% of the Super Bowl handle, trailing behind several other states. Pre-game bets are heavily favoring the AFC Champion Kansas City Chiefs, drawing significant attention across states with major online sportsbook operators.
The allure of same-game parlays is also expected to play a significant role, potentially accounting for up to 25% of the total Super Bowl handle this year. During conference championship weekend, half of the revenue for major operators came from same-game parlays, indicating their growing popularity.
In other Super Bowl betting news, US sportsbooks are avoiding taking bets on whether Taylor Swift will attend the Super Bowl to support her boyfriend, Travis Kelce, and the Kansas City Chiefs. This reluctance is due to the prevailing norms restricting betting to on-field events, reflecting a desire for clear outcomes and regulatory concerns about maintaining betting integrity.
The Super Bowl excitement is not only on the field but also in the world of sports betting, with billions of dollars at stake and a growing interest in new betting options.