The Nevada Gaming Control Board (NGCB) announced that a record-breaking $185.6m was wagered on Sunday’s Super Bowl in the state’s 182 sportsbooks, breaking the previous record. The game was played between the San Francisco 49ers and eventual champions Kansas City Chiefs at the Allegiant Stadium in Las Vegas, and it exceeded the $179.8m wagered on the 2022 Super Bowl.
However, despite the high wagering activity, a 3.7% hold percentage meant sportsbooks’ total win was just $6.8m. This marked one of the lowest sportsbook wins for the Super Bowl since 2015. NGCB chairman Kirk Hendrick congratulated and thanked all the stakeholders involved for successfully delivering such a spectacular event from the state of Nevada.
The American Gaming Association (AGA) predicted that Americans would wager a record $23.1bn on Sunday’s game. The AGA surveyed 2,204 adults and found that a record 67.8 million people were expected to place a wager, up 35% from previous years. Additionally, 11% of all bettors were predicted to place bets with a licensed online sportsbook, showing a continued migration to the legal betting market.
Fraud prevention solutions provider GeoComply reported a 22.3% year-on-year increase in geolocation checks during Super Bowl LVIII. The company noted that the increase in geolocation checks is a positive sign for the legal betting industry in the US, as it reflects a shift towards a regulated, taxed, and safe betting environment.
Nevada’s gambling revenue reached an all-time high of $15.5bn in 2023, exceeding the previous annual record by 4.6%. Sports pool revenue for 2023 amounted to $481.3m, with $240.7m of that revenue coming from mobile betting. The state’s growing role in the world of sports will see Las Vegas have teams in the NFL, National Hockey League, and Major League Baseball by the end of 2025.
Companies like BetMGM are looking to tap into the influx of sports events in Las Vegas. BetMGM’s chief executive, Adam Greenblatt, stated that 2024 would be the year the operator “unlocks” the city. The Formula One race in the city last year attracted 300,000 fans and was a record-breaking weekend for BetMGM, as the operator took three times the number of bets than any other F1 race in its history.