Super Bowl Sunday is looming, and the league’s biggest game on its grandest stage will feature the Seattle Seahawks versus the New England Patriots. And although it is the most popular sports betting event of the year, the vast majority of wagers placed in the United States will flow to offshore sportsbooks.
Offshore Sportsbooks Reign Supreme
Estimates vary as to how much the US-licensed sportsbooks and offshore betting platforms will handle in Super Bowl betting this year. However, the consensus is that the total betting pool of Super Bowl LX wagers placed by US residents will be approximately $6.5 billion, with approximately 75%, or $4.8 billion, of that handle being facilitated through offshore sportsbooks
Why Bettors Choose Offshore Sportsbooks
There are several reasons why USA residents continue to use offshore sportsbooks, headlined by industry leaders BetOnline, Bookmaker, Bovada, Heritage, and BetAnything. Primarily, they are easy to access and often welcome cryptocurrency to fund accounts and render withdrawals in the same fashion. The offshore sportsbooks generally have much more enticing bonuses and allow players 18 and over to wager, versus the typical 21 and over at most US-licensed sportsbooks.
Moreover, the major offshore sportsbooks have been operating online since the 90s and have cultivated a loyal fanbase throughout the decades. While US-licensed sportsbooks continue to expand their customer base and demonstrate annual revenue growth, offshore sportsbooks maintain an iron grip on sports bettors in the United States and around the world.
Super Sunday LX
There are conflicting reports as to whether this year’s Super Bowl betting at US-licensed sportsbooks will eclipse last year’s $1.5 billion betting handle. Some believe that the lack of star power will tamp down betting from casual bettors, as there will be no Patrick Mahomes, Travis Kelce, and certainly no Taylor Swift sightings, which brought an entirely new audience to last year’s NFL title tilt.
However, others believe that the introduction of Missouri to the betting pool this year and the continuing expansion of sports betting will help propel the total handle to a record-setting $1.71 billion by US sportsbooks this year. The ascension of the New England Patriots, once NFL royalty during the golden era of Tom Brady’s two decades of dominance, from last year’s 4-13 season to this year’s 14-3 edition, is a rags-to-riches story that many experts believe will draw mass appeal.
Of course, prediction market platforms like Kalshi and Polymarket will siphon off a portion of the Super Bowl handle. The Commodity Futures Trading Exchange (CFTC) is the federal agency that licenses prediction markets, but it has refused to intervene in the explosive legal disputes between its licensees that are offering sports event contracts throughout the nation and the state regulatory agencies.
Legal Battle Over Sports Event Contracts Continues
The prediction platforms assert that their federal license surpasses the state regulatory agencies’ authority. However, the gaming regulators contend that the prediction markets are neither licensed in those states nor do they pay taxes in those jurisdictions.
The ultimate decision on whether prediction markets will be able to offer trading contracts for sports events unfettered in all 50 states will likely rest with the US Supreme Court within the next two years, if it decides to hear the case.
