Taking the over or under on this Sunday’s Super Bowl? Along with point spreads and prop bets, sports gambling will rule the day when the 49ers and Chiefs take the field for Super Bowl LIV. Many states are hitting the jackpot on legalized sports betting in casinos.
Now, add in the next big play in sports gambling—mobile betting—and you have a bonanza for sports fantasy companies, sports books, and payments providers, among others. Other winners will be state tax collectors who are salivating at the revenue that will pour in from all the legalized betting across the major sports. We’ll take the over on that one.
A CNBC article, which is excerpted below, discusses more on this topic:
New data shows more than 26 million Americans will wager $6.8 billion on Super Bowl LIV.
14 states currently accept sports bets.
Sports gambling has translated into higher engagement among NFL fans.
This year’s Super Bowl will be the most legally bet on Super Bowl in history. New data from the American Gaming Association says 26 million Americans will wager approximately $6.8 billion on Super Bowl LIV, a 15% increase from last year’s game as the Kansas City Chiefs face off against the San Francisco 49ers.
“Americans have never before had so many opportunities to wager on the Super Bowl in a safe and legal manner, and clearly, they are getting in on the action,” said Bill Miller, president and CEO of the association. Miller tells CNBC that bettors are beginning to migrate from the illegal marketplace. “That’s the most important and exciting dynamic,” he added.
Since May 2018 when the U.S. Supreme Court repealed the Professional and Amateur Sports Protection Act, 20 states now offer legal and regulated sports betting. Of those, 14 states are operational allowing sports wagering. Fourteen more states are expected to legalize this year. Legalization has proven to be a windfall for states, with $17 billion wagered legally and a lot of that money means new revenue for states.
Overview by Raymond Pucci, Director, Merchant Services at Mercator Advisory Group