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Super Bowl LIV Expected To Break Betting Records
30th January, 23:02I cover the business of sports, with an emphasis on college sports, sport sponsorship, facilities and travel.
Betting on Super Bowl LIV is predicted to bring in $400 million in total bets, according to analysts at PlayUSA.com. Already the most bet-on sporting event in the country, legalized gambling in 13 states should bolster this year's total beyond previous records.
"With the proliferation of legal sports betting across the U.S., there is no doubt that this will be a record year for legal bets on the Super Bowl," said Dustin Gouker, lead analyst for PlayUSA.com. "An interesting matchup that is nearly a pick 'em will help spur action, too. As a result, records in states such as Nevada and New Jersey, where both online and retail sports betting were legal for last year's game, are also in jeopardy."
The 13 states offering means for placing legal bets -- Nevada, New Jersey, Pennsylvania, Indiana, Iowa, Rhode Island, West Virginia, Oregon, Arkansas, Delaware, Mississippi, New Mexico, and New York -- represent a combined population of 70 million. Last year, only seven states, representing 30 million people, accepted legal bets. There are also now eight states this year that allow both online and retail sports betting.
"Not only has the number of legal sports jurisdictions doubled from last year's game, states such as New Jersey and Pennsylvania have boomed," Gouker said. "That all adds up to a historic weekend ahead for sports betting."
Last year, New Jersey offered legal wagering for the first time and saw $34.9 million in bets but lost $4.6 million.
The eight states with online betting -- Nevada, New Jersey, Pennsylvania, Indiana, Iowa, Rhode Island, West Virginia, Oregon -- stand to benefit the most.
"Online and mobile sportsbooks are a key tool in driving in-game and prop betting, giving states with a robust digital presence a significant advantage," Gouker said. "In New Jersey, nearly 88% of all bets were made online in December. And that allows operators to attract bettors with prop bets and keep them engaged with in-game betting."
DraftKings conducted a national study to better understand fan demand and engagement around Super Bowl LIV betting. The study found 82% of fans want to legally wager on Super Bowl LIV, and a third have already placed a legal, online wager since the Professional and Amateur Sports Protection Act repeal in May 2018. The study also found 78% of fans say they're more likely to watch the entirety of Super Bowl LIV if they have placed a bet.
"The demand, advantages and potential of sports gaming are well recognized today, but our goal with this study was to add further evidence on just how impactful sports gaming platforms like DraftKings can be when fully realized," said Matt Kalish, co-founder and president of DraftKings North America. "There is a clear desire among many fans to experience these products, which, in turn, shapes their overall engagement, and we are encouraged by what these findings mean for the future growth of sports betting in the United States."
DraftKings says the NFL continues to be the most popular sport among users for both daily fantasy and sportsbook. According to the study, 75% of sports fans are more interested in betting on NFL games than any other sport. The playoffs only enhance the appeal, with 70% of fans saying they prefer betting on the playoffs over the regular season.
The American Gaming Association estimated there was $6 billion in legal and illegal bets in 2019 for the big game and estimates it will grow to $7 billion in 2020.