Super Bowl LVI in Los Angeles is projected to be the most heavily bet-on game ever, with an estimated $7.6 billion to be wagered on Sunday. That would be a 78% increase from last year as reported by the American Gaming Association.
The Big Game has attracted an abundance of bettors with both teams — the Los Angeles Rams and Cincinnati Bengals — that haven’t come close to reaching the pinnacle in decades. 31.4 million Americans plan to bet on the game, up 35% compared to last year. Only 20 states offered legal betting for Super Bowl LV, compared to 30 in 2022. In 2021, the U.S. accepted $60 billion in wagers with $4.2 billion in tax revenue generated.
A highly anticipated Super Bowl comes on the heels of record results in New York, which launched online sports betting on Jan. 8. The Empire State reported a handle of more than $1.6 billion in January, topping the single-month record for any state in less than four weeks. The state of New Jersey held the previous record with $1.3 billion in a single month, but it took Jersey over a year to clear the billion dollar monthly threshold. New York eclipsed this in its first month of action.
Several sportsbooks are expected to air commercials during Super Bowl LVI, a move that signifies the NFL’s changing stance on legal sports betting. The cost of an ad could go for as much as $7 million for a 30-second spot, representing the largest ad spot of its kind to date.
The high marketing costs for sportsbooks has caused Wynn Resorts to try to offload its online betting unit, Wynn Interactive, for $500 million after receiving a $3 billion valuation in 2021.
The sports betting industry continues to grow at an exponential rate, and will soon begin to change the way we consume sports, both at the venues, and at home.