Super Bowl expected to generate $1.25 billion in regulated bets

Super Bowl 2024 is here, and the betting forecasters have high expectations for the event. According to the latest estimates, the event is expected to generate 1.25 billion dollars in regulated bets.

Eilers & Krejeck Gaming has noted that the Super Bowl will be the most wagered-on sporting event across the United States. The event will account for 1% of the total handle in this nation. 

The firm has not made any revenue estimates since these forecasts can be lumpy. EKG believes that the sportsbook operators are trying to acquire new users while cross-selling other products. The report stated that live or in-game betting will make up 10% to 15% of the Super Bowl in 2024.

EKG believes that the bar has been set below industry averages. For example, FanDuel previously disclosed that 44% of its handle arises from in-play. Even then, football tends to skew lower, with the Super Bowl coming even below, given the huge number of recreational users who prefer pre-match wagering.

Since Las Vegas is set to host the entire event, it will also leverage its status as the casino hub. The firm expects Las Vegas to account for 12.8% of the Super Bowl handle. New York will closely follow the state as the largest sports betting market, with a substantial portion of the wagers expected to flow through online sportsbooks, reflecting the growing trend of digital betting platforms in the industry.

During the event, Illinois, New Jersey, and Pennsylvania will remain among the top five states. Besides this, there have been intriguing state-based observations as well. For instance, EKG expects around 3% of the Super Bowl handle to arise from Michigan. This means the state will beat Virginia, Arizona, Colorado, and Maryland.

Given the sheer stature of the event, the numbers can go even higher than the estimates, added EKG.