The Big Game Brings in Big Money for Nevada Sportsbooks

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A general view of Allegiant Stadium as fans arrive before Super Bowl LVIII between the San Francisco 49ers and the Kansas City Chiefs on February 11, 2024 in Las Vegas, Nevada. Michael Reaves/Getty Images/AFP

The Super Bowl not only delivered a big finish for millions watching the game, but it also brought in a record amount of betting revenue at top-rated online sportsbooks.

Breaking Records

The showdown between the Kansas City Chiefs and the San Francisco 49ers, which was played in Las Vegas, marked a historic moment in sports betting.

Nevada sportsbooks reported unprecedented activity, with an astounding $185.6 million in wagers placed on the game.

This figure sets the highest betting volume ever recorded for a Super Bowl in the state, surpassing the previous record set in 2022 by nearly $6 million. That year, Nevada bettors wagered $179.8 million on the game between the Los Angeles Rams and the Cincinnati Bengals.

It also sets a national record. No other state with legal sports betting has witnessed such a large amount wagered on the Super Bowl.

This marks only the second time that the Super Bowl has occurred in a state with legal sports betting. The first time was in 2023 when Arizona hosted the Big Game. However, it will happen again next year when Louisiana hosts the Super Bowl in 2025.

What Did Everyone Bet On?

Sportsbooks said lots of people had money on the Chiefs. However, the sportsbooks still came out on top.

According to Forbes, the state’s sportsbooks won $6.8 million for a 3.7% hold percentage, both of which were higher than 2023’s figures ($4.4 million and 2.8%).

One bet the books did take a hit on is the overtime bet.

The Chiefs won 25-22 after coming from behind in overtime. The odds of the game going into overtime were about 10-1, and a lot of bettors had it. Caesars Sportsbook said they lost the most money on overtime bets compared to all the other bets they offered.

However, don’t feel too bad for the books.

Forbes also reports that Nevada’s sportsbooks are now 31-2 against the public since the Nevada Gaming Control Board started tracking Super Bowl bets in 1991, with the only losses coming in 1995 and 2008. The sportsbooks have now turned a profit in 16 straight Super Bowls.

Super Bowl Betting Numbers up Across the Country

A company that tracks online gambling reported that more people bet on the Super Bowl this year. GeoComply stated that it verified the locations of more customers and sportsbooks during the Super Bowl weekend than last year, showing a 22% increase.

This increase was partly due to the addition of two more states, Florida and Kentucky, allowing online betting in 2023. As a result, legal sportsbooks are now available in 39 states.

The Betting Also Helps Pump up Television Ratings

With so many people betting on the game, there were a lot more eyes on it than ever before.

The 2024 Super Bowl attracted an average of 123.4 million viewers — the highest number of people ever watching the same broadcast in television history. CBS’ broadcast drew in 112 million of those viewers — marking the largest audience ever for a single network.

The remainder were distributed across Paramount+, Nickelodeon, Univision, CBS Sports and NFL digital properties, including NFL+. According to Paramount Global, Paramount+ experienced record-breaking viewership, making Sunday the most-streamed Super Bowl ever, although precise data on streaming views is not available

This remarkable influx of bets and subsequent TV ratings underscores the immense excitement and engagement surrounding the Super Bowl when it comes to sports betting.

What’s Next for Nevada Sports Bettors?

The next big event in Nevada is less than a month away.

People say that the first weekend of March Madness has almost the same amount of gambling as the Super Bowl.

But before the NCAA Men’s College Basketball Tournament begins, some conference tournaments take place in Las Vegas in early to mid-March. They happen in different locations in the Las Vegas Valley, unlike the Super Bowl:

  • Orleans Arena (Off-Strip): West Coast Conference, March 7-9, and WAC, March 13-16
  • Dollar Loan Center (Henderson): Big West, March 13-16
  • Thomas & Mack Center (Off-Strip): Mountain West, March 13-16
  • T-Mobile Arena (Vegas Strip): Pac 12, March 13-16.

The conference tournaments attract visitors from nearby regions, but the national tournament draws many more college basketball fans from all over the country to Las Vegas.

The first weekend of March Madness is very busy in Las Vegas. It is hard to find seats on the Vegas Strip without reservations, just like the Big Game. This is because college basketball is very popular and there are many games to watch.

It’s more proof that Sin City never sleeps.