Super Bowl 2024 to see record-breaking $23.1B gambling explosion but only a small portion is legal
Everyone wants a piece of the action when the Super Bowl comes to town, but this year’s edition in Las Vegas has a different feel when it comes to the big game.
Approximately 68 million Americans about one in four will wager on Super Bowl 2024, a 35 percent increase compared to last year, according to projections by the American Gaming Association.
It’s estimated that $23.1 billion worth of bets will be placed for Chiefs vs. 49ers, but only $1.5 billion will be wagered through legal gambling, per the report.
Gambling research firm Eilers & Krejcik Gaming also projected $1.25 billion coming via legal wagers.
The massive amount of action in illegal betting will always be an underbelly of the gambling industry, as some big-time bettors look to avoid vigorish (fees) and taxes on winnings.
“People may misrepresent how much or how often they plan to bet when surveyed,” Eilers & Krejcik Partner Chris Grove tells The Post when referring to these massive illegal betting numbers.
3Super Bowl betting projections via the America Gaming Association. NY Post“Our view is that the regulated sports betting market is well on its way to eclipsing the illegal sports betting market in the U.S. – it’s just a matter of the major remaining states like California and Texas passing bills and a few more years for regulated sports betting operators to fully connect with customers.
“With that said, there will likely always be a substantial illegal market for sports betting in the U.S., as the illegal operator holds a number of advantages over the regulated casino sportsbook, such as the ability to offer credit, the willingness to provide a level of anonymity, and the lack of substantial tax rates weighing down profits.”
As Grove notes, some of the most populated states in the country also do not have legal wagering, including Texas, California, Georgia, and North Carolina, which likely heavily contributes to this number.
But the association did report that 11 percent of Americans 28.7 million adults will bet on the legal market, as they look to make a dent in the underground betting market.
It’s projected that 12.8 percent of the overall betting action — the most — will take place in Las Vegas, where the game is held, while 12.4 percent is expected in New York and 9.6 percent in New Jersey.
The northeast had become a staple of the gambling world, with 21 percent of the overall betting handle coming from New York and New Jersey on this year’s Super Bowl.
The $23.1 billion in estimated wagers is substantially higher (44.4 percent) than 2023’s projected figure of $16 billion.
3Brock Purdy (l) and Patrick Mahomes (r). APSuper Bowl squares have long been an American tradition for the casual fan, but even that is beginning to be overtaken by traditional wagers at a sportsbook.
Approximately 42.7 million Americans plan to wager on the game with a sportsbook or bookie (legal or illegal wagering), while 36.5 million plan to bet casually with a pool or squares contest.
Both of these figures are up year over year, with traditional sportsbook wagering up 41 percent from 2023 and casual pool-style wagering with friends up 32 percent, per the report.
Roughly 73 percent of Americans intend on watching the game in itself, a nearly 10 percent increase compared to last year, which some could attribute to the Taylor Swift effect.
NFL Commissioner Roger Goodell mentioned during Super Bowl week that ratings were booming thanks to a massive number of fans clamoring to see the Swift-Kelce relationship flourish.
3Roger Godell speaks next to the Lombardi Trophy. APObviously, it creates a buzz,” Goodell said of Swift’s effect on the NFL. “It creates another group of young fans, particularly young women that are interested in seeing, Why is she going to this game? Why is she interested in this game? Besides Travis, she is a football fan, and I think thats great for us.
CBS reported 55 million viewers watched the Chiefs beat the Ravens in the AFC Championship game, the most for an AFC title game.
Sin City has welcomed sports bettors since 1931, but now, with 38 states taking legal wagers, it’s become a buffet for the gambler who has tons of options available at their disposal.
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Caesars Sportsbook has reported some massive action ahead of the 2024 Super Bowl, including a seven-figure bet on the 49ers (-120) and several six-figure bets, including one on the coin toss.
After some early money came in on the Chiefs, the 49ers have been the target of sharp bettors, moving the line from -1 to -2.5 in favor of San Francisco.
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