With the Super Bowl frenzy gripping the US, all eyes are on the betting arena, with forecasts projecting a staggering $1.25 billion in regulated wagers placed on the game across the nation.
Research conducted by Eilers & Krejeck Gaming (EKG) indicates that the Super Bowl reigns as the pinnacle of sports betting in the US, capturing a significant 1% of the country’s total handle. The report refrained from providing revenue predictions due to the inherent unpredictability in such forecasts but emphasized the game’s paramount role in customer acquisition and cross-selling for sportsbook operators.
EKG highlighted the burgeoning significance of in-game or live betting, expected to contribute significantly, ranging from 10% to 15% of the total Super Bowl handle this year. Despite industry averages leaning higher, football, particularly the Super Bowl, sees a preference for pre-match betting among recreational customers.
The online sports wagering industry, plagued by technological hiccups in recent years, aims to restore customer trust and capitalize on burgeoning segments like same-game parlays and live betting.
Predictions point towards Nevada and New York leading the charge at the state level in the Super Bowl handle. With Las Vegas serving as the epicenter of the festivities, Nevada is poised to command 12.8% of the handle, closely followed by New York at 12.4%, owing to its multi-operator sports wagering market. The remainder of the top five include New Jersey, Pennsylvania, and Illinois.
Interestingly, Michigan, despite its larger population, is estimated to contribute around 3% of the Super Bowl handle, trailing behind states like Arizona, Maryland, Colorado, Virginia, and Massachusetts.
Pre-game bets heavily favor the AFC Champion Kansas City Chiefs, drawing substantial attention across states where major online sportsbook operators operate.
Moreover, the allure of same-game parlays looms large, with projections suggesting they could account for up to 25% of the total Super Bowl handle this year, with expectations even higher at platforms like FanDuel.
EKG notes that during conference championship weekend, half of the revenue for major operators stemmed from same-game parlays, underscoring their growing popularity despite fluctuations in weekly performance.
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, despite speculation among fans. 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, contrasting with offshore operators who might entertain such wagers.