The American Gaming Association (AGA) projects $23.1 billion in Super Bowl wagers, setting a record for Super Bowl betting, and much of that is attributed to the ever-expanding regulated sports betting market in the United States.
Let’s delve into the latest projections and see what the Super Bowl 58 holds for the top-rated online sportsbooks.
Big Betting Bonanza
It’s not all that surprising that the American Gaming Association’s recent survey suggests Americans will be turning out in droves to bet on the NFL’s biggest game on its grandest stage, considering the explosion of licensed, regulated sports betting in the United States.
At a time when sports betting is legal in 38 states, plus Washington D.C, and Puerto Rico, over 164 million people, equating to 67% of Americans, live in a state or jurisdiction where sports betting is legal.
Naturally, the number of people betting and the overall amount being wagered would likely be at an all-time high and would be expected to dwarf any previous Super Bowl betting.
Morning Consult’s Survey
The AGA’s survey conducted by Morning Consult polled 2,204 adults between January 30th – February 1st and the results showed that 67.8 million American adults, or 26% of the population, will wager a collective $23.1 billion on Super Bowl 58 featuring the Kansas City Chiefs versus the San Francisco 49ers.
The $23.1 billion projected to be wagered is up nearly 30% from last year’s Super Bowl, which garnered $16 billion in wagers. The substantial increase is due in large part to the increase in states legalizing sports betting in 2023 and the beginning of 2024, as well as the sportsbooks’ advertising that has expanded to partnerships with professional sports franchises, stadiums, and the leagues themselves.
“As the Super Bowl comes to Las Vegas for the first time, this year’s record interest in wagering marks a full circle moment for the U.S. gaming industry,” AGA president and CEO Bill Miller said in a release announcing the survey results. “Our priority remains getting this opportunity right by providing the consumer protections only a regulated market can guarantee and investing in responsible gambling tools, safeguards, and education.”
Advertising Doesn’t Come Cheap
There is no shortage of advertisers who want their products front and center as part of a broadcast that will beam to a Super Bowl audience expected to be well north of 100 million viewers.
However, wanting that exposure and paying for it are two different things. The estimated TV ad spend/ media value from last year’s Super Bowl was over $320.1 million. And it’s not only CBS pulling in the big bucks but other media channels as well.
Budweiser’s parent company, AB InBev, in addition to Adidas, FedEx, Lowe’s, Nike, Paramount, and Verizon are all running ads on the Las Vegas Sphere throughout Super Bowl week including on game day. Paramount has the largest share of Sphere advertising, approximately 60%, while the other companies share the remaining 40%.
It is estimated that an ad on the Sphere can run between $1 million to $2 million but an in-game TV spot can run as high as $7 million for a 30-second commercial. Super Bowl advertising continues to spiral up each year and, with sports betting becoming so wildly popular in the U.S., that trend is likely to continue, as more interest creates higher ratings and increased commercial rates.