Now that Super Bowl LVII has passed, all eyes are on the upcoming edition in Las Vegas, and it could represent a bigger opportunity than ever for American sportsbooks.
perfect storm
It’s a match made in heaven. The biggest game in American football comes to the home of gambling. Super Bowl LVIII will take place at Allegiant Stadium in Las Vegas next year and it couldn’t come at a better time for the booming sports betting market in the US.
The largest number of bets ever made on a single sporting event
Legal sports betting is now active in more than 30 states across the US, with the most recent addition of Kansas and Ohio to the mix. As a result, Super Bowl LVII reported the largest number of bets ever on a single sporting event in the United States, reaching $16 billion according to estimates by the American Gaming Association (AGA).
Super Bowl LVII is taking place in a nation with legal sports betting for the first time in its history, and it has produced a pot handle that has more than doubled 2021. Now, with next year’s edition set to hit the pot’s original home in the United States, spectators expect it will provide an even bigger chance for teens. athletes in Nevada and even across the country.
in the crystal ball
To get his insight on next year’s Super Bowl potential, VegasSlotsOnline news Talk to our old friend and Vegas industry expert Stephen Crystal. SCCG Managing Director believes Super Bowl LVIII provides a unique opportunity that has never been seen before in American betting history.
We expect the Las Vegas-based Super Bowl to break all records.”
He said: “Las Vegas has become the home of major events and nothing is bigger than the Super Bowl. With sports betting spread across the US, expect the Super Bowl in Las Vegas to break all records for betting on a single event.”
“Las Vegas is always reinventing itself. With Formula 1, the Super Bowl and U2’s upcoming residency this year, we’re the number one destination in the world for blockbuster events. Viva Las Vegas!”
annual growth
It sure seems like Krystal could be right. The past three years of Super Bowl betting paint a pretty clear picture of growth, albeit with a slight dip amid the worst of the COVID-19 pandemic in 2020 (in-person betting is down 61% year over year).
From $6 billion in the first year after the repeal of the Professional and Amateur Athlete Protection Act to $16 billion in 2023, Super Bowl betting is growing according to AGA data:
Not only is Super Bowl betting growing, but the total gaming revenue (GGR) in Las Vegas, Nevada and the entire United States is skyrocketing as well. Last year, Asian rival, gambling hub, Las Vegas overtook Macau for the first time in nearly a decade according to GGR. Nevada enjoyed its 22nd consecutive month of $1 billion+ in revenue in December, bringing the state’s total to an annual record of $14.8 billion.
Commercial gaming revenue reached record levels in 2022
Meanwhile, this week, the AGA reported that commercial gaming revenue in the United States reached record levels in 2022. Casinos and sportsbooks in the country hit $60.4 billion in GGR for the year, up about 14% from the previous record from 2021. That bet was greatly helped by Sports, which increased its revenue by a staggering 73% year-on-year.
As Crystal says, while 2022 was a great year for Las Vegas, it looks like the next two years could be even more lucrative for casinos and sportsbooks — especially when the biggest show in American sports begins on February 11, 2024.
