Sportsbook companies are reporting that this weekend’s Super Bowl was one of the most successful in the history of sports betting.
Key Details
- The American Gambling Association predicted last week that 50 million Americans would place $16 billion in bets on Super Bowl Sunday, doubling the total from last year’s $7 billion in total bets.
- Early indications suggest that the prediction may have come true. FanDuel says it accepted 50,000 bets per second at the game’s peak, with an average of 2 million active users.
- At the same time, location verification company GeoComply reports 100 million betting transactions over the weekend tied to the game, CNBC reports.
- BetMGM similarly told CNBC that this year’s Super Bowl was its “most successful” and “Most bet on single game sporting event ever.”
Why It’s News
In the aftermath of the pandemic and the return of public events, sports betting has returned and intensified over the past year—with companies such as FanDuel and DraftKings being among the more notable companies seeing increased business and partnership deals.
The location of Super Bowl LVII also bolstered this weekend’s numbers at State Farm Stadium in Glendale, Arizona—being that it was the first time in history the annual game was hosted in a state with legalized gambling. Thousands of visiters at the game were given a chance to make bets from mobile phones in the heat of the game.
In the past few years, almost every major sports organization has made official partnerships with sportsbook companies as the legality and opportunities in the market have opened up.
Notable Quote
“We’ve seen remarkable growth in the sports betting market since the Supreme Court invalidated the federal prohibition on sports betting in 2018,” says American Gambling Association SVP Casey Clark.
The Problem
The downside of the proliferation of sports gambling is increased gambling addiction. With more than 100 million Americans watching Sunday’s game, that creates a situation for people who struggle with addiction. Gambling addiction for people between the ages of 18 to 24 has already increased by at least 30% since the 2018 Supreme Court ruling, NPR reports.
Experts warn that this proliferation can be dangerous, particularly among younger generations who have greater access to mobile phones and are in a more vulnerable position. Many are calling for greater protections for those vulnerable to addiction.
“We believe the expansion of legalized sports gambling in the U.S. will likely increase gambling participation and problems,” says National Council of Problem Gambling executive director Keith Whyte.