Super Bowl Betting in Las Vegas Breaks Records
By the time the Kansas City Chiefs secured an overtime win against the San Francisco 49ers at Las Vegas’ Allegiant Stadium on the night of February 11, they also secured a place in history. According to the Nevada Gaming Control Board, bookmakers received a historic $185.6 million in bets on the game and made a $6.8 million profit, with a retention % of 3.7%.
Sportsbook clients had overwhelmingly bet on the Kansas City Chiefs, with an estimated 60% of bets placed in their favor, leading to substantial earnings for bookmakers. These figures came as a surprise to some gaming analysts, who were predicting a financial hit for the bookies. However, despite a projected loss of $64 million on a national scale, the 3.6% hold on a $153.2 million wager on the latest Super Bowl win was better than expected, making the overall outcome more favorable for bookmakers.
Last year, the Super Bowl brought in record-breaking viewership, with a record 123.4 million average viewers across televised and digital platforms. The increasing interest in football and sports betting saw an estimated $153.2 million wagered in Nevada on the Super Bowl this year, breaking the previous record of $147.9 million set two years ago. Bookies experienced a hold % of 3.6% which wasn’t as bad as some feared, providing a more positive outlook in the future.
The event also attracted new football fans and sports gamblers, adding to the excitement of the game. With legalized online sports betting available in over 50% of the U.S. population, there was a surge of new clients for the sportsbooks in Nevada. The event was considered an overall positive for sportsbooks, with a 15% growth in active accounts nationwide, demonstrating a continued transition to the legal market.
Despite the high engagement and record-breaking wagers, bookmakers experienced a loss during the Super Bowl, with just a 0.7% hold during the Philadelphia Eagles’ victory over the New England Patriots in 2018. However, the game remained an important and popular fixture in the betting world, attracting high-stakes gamblers and celebrities, and further solidifying its status as the most anticipated sporting event for bettors and sports enthusiasts.
The Super Bowl remains a hallmark event for sportsbooks and an exciting and profitable time for bettors and fans alike. While the outcome is never certain, the game continues to captivate audiences and bring in record-breaking results in the world of sports betting.