Sports betting around Super Bowl 58 looks set to break several records

Sports betting around Super Bowl 58 looks set to break several records

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Super Bowl 58 looks set to break sports betting records — and not just because the game was played in Las Vegas.

Amid continued advances in online sports betting, millions of football fans placed bets from their phones and laptops on the Kansas City Chiefs’ 25-22 overtime victory over the San Francisco 49ers on Sunday night, in addition to those betting in person at sports betting in Las Vegas and other cities where sports gambling is already legalized.

While the exact size and scope of Super Bowl betting was unclear as of Monday morning, some sports betting companies released data that indicated a record amount of money changed hands for Sunday night’s thriller.

GeoComply Solutions, a Canadian company that tracks geolocation data for several major online sportsbooks in the United States, said in a news release Monday that in the minutes leading up to kickoff, its systems recorded a “huge spike in traffic,” with nearly 15,000 transactions per second. GeoComply, which counts DraftKings and FanDuel among its most prominent clients, said this was the highest transaction rate it had ever recorded.

The company also noted that it saw a 15% increase in the number of active accounts it monitored and a 22% increase in the number of geolocation checks it performed compared to the same time period around last year’s Super Bowl. These figures point to a significant increase in the number of people betting online in regulated sports betting; GeoComply said it pulled data from 28 states, plus the District of Columbia and Puerto Rico. Thirty-eight states currently have legal sports betting markets, according to the American Gaming Association.

“The continued transition to the legal market has ushered in the historic first Super Bowl in Las Vegas, and the record-breaking results we saw did not disappoint,” said Anna Sainsbury, CEO and co-founder of GeoComply.

FanDuel said in a news release that $14 million in Super Bowl bets were taken for a total of $307 million, both Super Bowl records for the company. Those numbers also mark a whopping 40% increase over last year’s game, when FanDuel saw nearly $10 million in bets worth $215 million.

DraftKings and BetMGM were among the sportsbooks that did not immediately release data on the number of bets placed and amounts wagered on their platform during the Super Bowl, although BetMGM released data showing that most sports bettors favored the Chiefs. According to the company, 74% of the total for the game was on the Chiefs winning, as well as 63% of the bets placed.

“It was a bad Super Bowl for the sportsbook,” BetMGM senior trader Tristan Davis said in a statement released to the media. “Many punters won Chiefs and popular players’ overs.”

The exact amount of money that changed hands on Sunday will never be known, simply because of the various forums in which American sports fans like to bet around the Super Bowl. Sports betting offers bets on the final outcome of the game, but also on what Davis refers to as “player props” — bets on whether an event will occur, such as a specific player scoring a touchdown or rushing for more or less than a certain number of yards. But there are also more casual bets that take place each year among groups of family or friends, such as Super Bowl squares.

In the run-up to Sunday’s game, the AGA conducted a survey of American adults about their expected Super Bowl wagering and estimated that 67.8 million Americans would bet approximately $23.1 billion on Super Bowl 58.

“With the Super Bowl coming to Las Vegas for the first time, this year’s record betting interest marks a full-circle moment for the U.S. gaming industry,” AGA President and CEO Bill Miller said in a statement.

Some punters left the night happier than others. BetMGM indicated that it took at least two bets of $200,000 or more for the 49ers to win Sunday night, as well as at least one bet of $300,000 for the Chiefs to win.

Caesars Sports Exchange pointed out one bettor who wagered $5 on what is known as a money bet, betting on the Los Angeles Lakers to win the NBA Championship that season, the Texas Rangers to win the MLB World Series, and the Chiefs to beat the 49ers in the Super Bowl. With Sunday’s win, the bettor turned that $5 into $12,745, according to Caesars.

BetMGM was one of several major sportsbooks already looking ahead to next year. He lists the 49ers as 5-to-1 favorites to win Super Bowl 59 in New Orleans.

Gannett may earn revenue from sports betting operators for referrals to betting services. The sports betting operators have no influence on these revenues, nor are they in any way associated with the editorial or news coverage. Terms and conditions apply, see operator site for terms and conditions. If you or someone you know has a gambling problem, there is help. Call the National Council on Problem Gambling 24/7 at 1-800-GAMBLER (NJ, OH), 1-800-522-4700 (CO), 1-800-BETS-OFF (IA), 1-800- 9- TH (IN). You must be 21 or over to bet. Sports betting and gambling are not legal in all places. Make sure you follow the laws that apply where you live.

Contact Tom Schad at [email protected] or on social media @Tom_Schad.

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