Super Bowl LVI Set to Break Betting Records
Super Bowl LVI is set to break wagering records by large margins, according to an American Gaming Association press release.
A record 31.4 million people are expected to bet on this year’s Bengals-Rams game, a 35% increase from the record set by last year’s Chiefs-Buccaneers game. The report estimates $7.61 billion will be wagered, a $3.33 billion and 78% increase from last year.
With legalized gambling spreading, 18.2 million bettors plan to place these bets with a traditional sports book or online, also a 78% increase from 2021, per the report.
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Meanwhile, 18.5 million bettors plan to bet with friends, in an office pool or squares contest, an increase of 23%.
The report states 55% of bettors are planning to take the Rams, who are currently four-point favorites at SI Sportsbook with an over/under of 48.
However, the Bengals have received 80 percent of the handle and 58 percent of the bets at SI Sportsbook thus far. Slightly more bets have been placed on the under (54-46%), but the larger handle is on the over at this point.
These expected record totals are not surprising.
In the three and half years since the Supreme Court struck down the 1992 federal law that banned commercial sports betting in most states, more than two dozen states have legalized sports betting. Goldman Sachs predicts the sports betting industry could grow up to 40% annually, reaching $39 billion in annual revenue by 2033.
New York State bet 1.1 billion dollars in the first three weeks of January after legalizing online sports betting. Eight more states could join this year, while a dozen may never legalize sports betting due to tribal relationships and political opposition.
Whether bettors are wagering on a coin flip, a Bengals upset or the color of Eminem’s hair, one thing is clear: Sports wagering is here to stay.
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