Super Bowl Betting Forecast Predicts $1.25B of Legal Wagers
It’s Super Bowl week, and that means betting forecasts are coming in hot. Bettors in the U.S. are expected to wager an estimated $1.25 billion on the game, according to Eilers & Krejeck Gaming (EKG). This annual event attracts a lot of attention from sports enthusiasts and bettors alike. The Super Bowl is the most wagered-on sporting event in the U.S., accounting for 1% of the total handle in the country.
EKG noted that the primary objective for sportsbook operators with the Super Bowl isn’t necessarily to make money, but to acquire new customers. The research firm also highlighted that in-game or live betting will be a significant contributor at 10% to 15% of the Super Bowl handle this year. However, they also noted that this mark is below broader industry averages. For example, FanDuel has previously disclosed that around 44% of the handle comes from in-play.
The online sports wagering industry has had some technological snafus in recent years. This is a situation that needs to be addressed in order to gain customer confidence and secure a share in high-growth niches, such as same-game parlays (SGPs) and live betting.
With Las Vegas hosting the Super Bowl, it’s expected that Nevada will lead in state-level handle, accounting for 12.8% of Super Bowl handle. Following Nevada, New York is expected to have 12.4%. New Jersey, Pennsylvania, and Illinois round out the top five states in terms of Super Bowl handle.
EKG estimated that same-game parlays could account for up to 25% of the Super Bowl handle this year. The firm added that 50% of revenue for operators during conference championship weekend was derived from same-game parlays. However, this percentage is volatile on a week-to-week basis.
As of last Friday, the AFC Champion Kansas City Chiefs were attracting the bulk of pregame Super Bowl bets. That’s in a vast majority of states in which the major online sportsbook operators do business. This forecast emphasizes the enthusiasm surrounding the Super Bowl and the immense betting activity it generates.