Survey: $23.1B in bets expected for Super Bowl

With two-thirds of American adults living in jurisdictions with legal sports betting, more than $20 billion is expected to be at stake when the Super Bowl kicks off in Las Vegas for the first time.

Approximately 67.8 million adults — 26% of the adult population of the United States — could combine to bet $23.1 billion on Super Bowl LVIII between the San Francisco 49ers and Kansas City Chiefs, according to survey results released Tuesday by the American Gaming Association (AGA). Both figures — the number of bettors and the amount wagered — are up significantly from last year’s survey.

The survey of 2,204 adults was conducted by data firm Morning Consult on behalf of the AGA and includes bets placed online, with a casino sportsbook or unlicensed bookmaker, in a pool or squares contest or casually with family or friends.

“As the Super Bowl comes to Las Vegas for the first time, this year’s record interest in wagering marks a full circle moment for the U.S. gaming industry,” AGA president and CEO Bill Miller said in a release announcing the survey results. “Our priority remains getting this opportunity right by providing the consumer protections only a regulated market can guarantee and investing in responsible gambling tools, safeguards and education.”

More than $300 billion has been bet with American sportsbooks since a 2018 ruling by the U.S. Supreme Court jump-started the spread of legal wagering. Thirty-eight states, the District of Columbia and Puerto Rico now offer regulated betting, and commercials for sportsbooks during sporting events have become the norm.

Estimated TV ad spend/media value on sports betting topped $360.1 million in 2023, according to data from iSpot, which measures TV advertising and audiences. The NFL says two sportsbook commercials will air during the Super Bowl LVIII.

Research firm Eilers & Krejcik Gaming estimates $1.25 billion will be wagered on the Super Bowl with only American sportsbooks, with 25% of the bets being same-game parlays and 15% of the wagers placed after the game has kicked off.

Nevada’s betting market has not seen a significant decline, despite the spread of legal wagering, although the state’s sportsbooks did see a 5% year-over-year drop in the total amount wagered in 2023. Eilers & Krejcik project 13% of bets on the Super Bowl will be placed with Nevada sportsbooks, the most of any state.

Caesars Sportsbook reported last week taking a $1 million bet on the 49ers to win the game straight up and a $100,000 wager on the Super Bowl coin flip to land tails. The 49ers were consensus 2-point favorites over the Chiefs as of Tuesday.