Introduction
The Super Bowl is the most significant sporting event in the United States, and it is also one of the biggest betting events globally. Year after year, the event sets new records, with billions of dollars wagered. In this article, we explore the magnitude of money bet on the Super Bowl and the factors behind its historic growth in popularity.
Super Bowl Betting: Record-Breaking Figures Revealed!
The Super Bowl regularly generates record-breaking figures in terms of betting. In 2020, according to the American Gaming Association (AGA), a total of $6.8 billion was wagered on the event, an increase of 15% over the previous year’s figures. This enormous figure is made up of both legal and illegal betting channels, including sportsbooks, online betting sites, and other outlets.
Betting on the Super Bowl has been on a growth trajectory for years. In 2011, the first year the AGA started tracking betting figures, only $87.5 million was legally bet on the Super Bowl. However, that figure has since grown exponentially to reach the almost $7 billion in 2020.
Behind the Scenes of Super Bowl Betting: An Inside Look at the Numbers
The Super Bowl betting landscape offers many options for people to place wagers. Sportsbooks are one of the most well-known betting channels, whether they are located in Las Vegas, the United Kingdom, or other parts of the world. These bookmakers offer a variety of betting options, from traditional moneyline bets to more intricate prop bets, such as what color Gatorade will be dumped on the winning coach.
Additionally, online betting sites are making strides in the industry, offering more access and convenience to place wagers. According to the AGA, 20+ states have now legalized sports betting, leading to a proliferation of online sportsbooks where people can place bets conveniently.
The Super Bowl’s popularity makes it a lucrative event for betting outlets to offer specialty wagers, such as entertainment options and social media in-game betting options. These new betting options have contributed significantly to the phenomenal growth of Super Bowl betting in the last decade.
The Art of Super Bowl Betting – Who’s Placing the Big Bets and Why
The Super Bowl draws a crowd of different types of bettors, from casual bettors to whales who place substantial wagers on the game’s outcome. Typically, these high-stakes bettors are wealthy individuals who are famous in their own right, leading to the nickname “Super Bowl whales.”
Many who place substantial bets on the Super Bowl are affiliated with a particular team; others do it for the thrill of the game. Still, others view wagering on the Super Bowl as a sound investment strategy, using data, algorithms, and analytics to inform their bets.
In recent years, sportsbooks have become more strategic about attracting big bettors by offering unique parlay bets and line movement predictions designed to cater to their specific needs. This trend shows that even though these bettors only make up a small percentage of total bets, their impact on the overall betting numbers is substantial.
Super Bowl Betting by the Numbers: Analysis of Past Trends and Future Predictions
Historic data confirms that Super Bowl betting figures continue to break records each year, with an estimated $100 million increase in legal bets each year on average in the last five years. There are several factors behind this trend, primarily the growth of legal sports betting and increased access to online betting sites.
Another significant factor contributing to this growth is the number of ways people can bet. Beyond the traditional moneyline wagers that are well-known, sportsbooks now offer more intricate proposition bets, which present an exciting way to bet on the Super Bowl.
As the Super Bowl grows in popularity, many analysts predict that betting figures will continue to increase. However, there are concerns that the year 2021 may experience a reduction in betting numbers due to the effects of the COVID-19 pandemic.
A Closer Look at Super Bowl Betting: How Much Money is Really on the Line?
It is tricky to estimate exactly how much money is bet on the Super Bowl, as there are both legal and illegal betting channels. The AGA estimated that in 2020, $2.3 billion of the total $6.8 billion bet was legally placed, and $4.5 billion was illegally wagered, primarily through illegal bookies and offshore websites. This amount represents a record-breaking number for illegal betting.
To put these numbers into perspective, $6.8 billion is more than what Americans spend on Halloween candy each year, more than double the amount spent on holiday decorations, and almost equal to the amount spent on the advertising in the months leading up to any presidential election campaign in the United States.
Conclusion
The Super Bowl’s popularity continues to put it in a class of its own regarding sports betting events globally. The Super Bowl has grown significantly over the last decade, with the rise of online sports betting and the popularity of prop bets contributing to its growth. Even high-stakes bettors now view Super Bowl as an ideal investment opportunity, thanks to data analytics and algorithms informing their bets. As we look to the future, the growth of Super Bowl betting is expected to continue, though many experts predict a subsequent decline in 2021 due to the effects of COVID-19.
