On February 11, Allegiant Stadium in Las Vegas hosted Super Bowl LVIII, marking one of the most significant events in US football. The highly anticipated face-off between the Kansas City Chiefs and San Francisco 49ers garnered immense attention in the US betting industry for months. iGB, a specialized publication, delves into the most captivating bets, records, and statistics surrounding the game.
Super Bowl's Popularity and Betting Companies' Expectations
The 58th Super Bowl surpassed expectations, becoming the most-watched American television broadcast since the live moon landing of Neil Armstrong. While die-hard college football fans and annual spectators were anticipated viewers, the presence of Taylor Swift added to the excitement. According to Apex Marketing Group, Swift's appearance in support of her boyfriend Travis Kelce, a Chiefs player, generated a substantial $331.5 million (£264.0 million/€309.5 million) profit for the National Football League (NFL).
Projections indicated that a record 67.8 million American adults would bet $23.1 billion on the Super Bowl in 2024, reflecting a 35% increase from 2023, as reported by the American Gaming Association. Regulus Partners offered a more conservative estimate, suggesting $1 billion in bets on the pinnacle American football game of the year.
Regulus observed that the AGA's betting estimate appeared somewhat implausible when considering the actual state of the US market. Total legal sports betting volume is projected to reach $100 billion in 2023, with $20 billion wagered on all NFL games throughout the year.
Record-Breaking Betting Activity and Challenges in the Legal Sports Betting Market
The Super Bowl witnessed a remarkable surge in betting activity, setting new records for the number of bets per second. According to the American Gaming Association (AGA) survey, 28.7 million adults had planned to place online bets at legal US sportsbooks. However, Regulus noted shortcomings in the AGA's assessments, particularly in terms of the legal sports betting market.
Regulus pointed out a positive aspect in its forecasts – the success in legalizing sports betting. The company highlighted that illegal bookmakers now constitute only 19% of traditional betting. Nevertheless, legal sportsbooks are directing only 45% of the Super Bowl betting demand into channels.
Data from GeoComply on match day contradicts the AGA's estimates. A few minutes before the start of the game, there was a significant surge in traffic, reaching 14,750 transactions per second. This is more than double last year's peak and stands as the highest transactions per second rate ever recorded by GeoComply.
Additionally, GeoComply reported that 1.77 million new users registered legal online betting accounts in the two weeks leading up to the game, emphasizing the growing interest and participation in legal online betting.
Super Bowl's Record-Breaking Bets and Advertising Revenues
Active betting during the Super Bowl has resulted in significant gains for various stakeholders, including the NFL and the American sports betting market. However, Regulus suggests that the tremendous success of the Super Bowl might negatively impact customer acquisition.
Regulus points out that after the Super Bowl, NFL fans face a long wait until September for the new season to become interesting again. From March to August, NFL bets only account for 2% of the total, with the Super Bowl being the highlight, comprising 2% of all NFL bets or 8-10 times more than a typical NFL game. While this is beneficial for sports engagement, it poses challenges for attracting betting customers unless they can be transitioned to other games like basketball or baseball, according to Regulus.
Despite these challenges, the US witnessed record-breaking bets. In Nevada, hosting the Super Bowl for the first time this year, $185.6 million was wagered on the game across 182 sportsbooks, breaking the existing record.
Detailed Super Bowl betting statistics have further heightened the event's hype. FanDuel, running just three sports betting ads during the broadcast, recorded over 14 million in-game bets, generating an operator-record $307 million. More than 2.5 million active users participated in betting on this game.
Spike in Suspicious Transactions During Super Bowl
The Super Bowl witnessed a concerning surge in suspicious transactions, experiencing a 206% increase in cheating attempts, according to identity verification service Socure. The spike in fraudulent activities occurred on gaming platforms during the game, with a notable increase in the three hours leading up to kick-off and at the start of the event. Socure highlighted that many of the suspicious transactions were linked to email addresses, and transactions were more likely to be flagged if the associated email address was inactive.
Of particular concern is the targeting of Generation Z in fraud attempts. Customers aged 21 to 25 were found to be making the riskiest transactions. Socure pointed out that this may not only indicate fraudulent activities but also suggest a significant amount of stolen personal data within this age group.
Global Betting Surge During Super Bowl
The Super Bowl proved to be a global betting phenomenon, extending beyond the United States, according to statistics published by Entain. Betting on the Super Bowl saw a significant increase in the UK and other European countries, with a particular rise in female bettors—up by 51% since 2023 and 86% since 2020. Data from Entain's Coral, Ladbrokes, and Bwin brands revealed a 12% surge in betting in the UK and Europe compared to the previous year's Super Bowl. The joint venture between Entain and MGM Resorts International, BetMGM, reported a 30% annual increase in Super Bowl betting, fueled by a 72% rise in new clients compared to the previous year. Ladbrokes and Coral alone saw a 74% increase in Super Bowl betting volume in the UK compared to 2020. The global popularity of the Super Bowl ensures continued attention from the betting industry, with new records anticipated in the coming years.
