- BetMGM received a $2.3M bet on the Tampa Bay Buccaneers to cover the spread at Super Bowl LV.
- Early betting action has favored the Kansas City Chiefs.
- PlayUSA expects a total of $500M worth of legal bets will be made for Super Bowl Sunday.
Super Bowl LV is just over a week away and it’s not just the fans and the players that are getting excited.
Because the Super Bowl is America’s most favorite game to bet on, the sports betting industry may be more excited than the players and fans combined.
This year’s Super Bowl will have the most number of legal and regulated sports betting markets in the United States and because of that, legal sportsbooks are expecting an unprecedented number and amount of legal betting action. And with still a week left to place wagers, the bets have started to come.
$2.3M Bet on Bucs To Cover the Spread
$2.3M bet placed on Tampa Bay Buccaneers to cover in Super Bowl LV https://t.co/TY67aBzADn
— SportsBookWire (@SportsBookWire) January 29, 2021
According to a report from ESPN, a bettor placed a $2.3M bet on the Tampa Bay Buccaneers to cover the spread in next weekend’s Super Bowl LV. The wager was placed on Thursday with sportsbook BetMGM. As of Friday, that stands as the biggest SuperBowl LV bet made in the legal U.S. sports betting market. If the Bucs do end up covering the spread, that bettor will walk away with $2M in winnings.
That bet was one that BetMGM was “happy to receive” with the rest of the best Super Bowl betting sites getting more transactions favoring Kansas City. Prior to the $2.3M bet, 74% of bets made with BetMGM were on the Chiefs at -3.5 points. FanDuel and DraftKings also reported lopsided betting action of 75% in favor of the defending Super Bowl champions. William Hill also reported receiving a $120K bet on the Chiefs to cover the three-point spread at its sportsbook. William Hill also got a $95K moneyline bet on the Chiefs that would pay a net of $57,575 if Kansas City walks out of Tampa Bay with the win.
The early betting action is just the start of what should be the biggest legal betting action in the history of Super Bowl Sunday. With more legal betting markets than ever, a total of 30M betting transactions were recorded during last week’s Conference Championship games. Michigan and Virginia are the last two states to open their legal online sports betting market and in those two states alone, a total of 400,000 accounts were active during championship weekend.
$500M in Legal Wagers Expected
Crunched some numbers for @VisitPlayUSA, fully expecting to see Super Bowl betting handle swell to $500M+ across regulated US markets this year. https://t.co/vTz7vkn7wb
— Eric Ramsey (@Eric_Ramsey) January 28, 2021
Since the repeal of the 1992 Professional and Amateur Sports Protection Act by the U.S. Supreme Court in 2018, the legal sports betting market in the United States has swelled. Before the decision, legal sports wagers were only allowed in Nevada. That number increased to 8 in 2018, to 14 states in 2020, and to 20 plus the District of Columbia this year. With the number of regulated markets more than doubling in just two years, this year’s legal Super Bowl LV bets are expected to be massive.
According to PlayUSA, Americans will legally wager a projected $500M for next week’s NFL championship game. That’s a substantial increase from 2020’s reported $300M. Of the estimated legal sports bets for Super Bowl LV, $125M is expected to be wagered in Nevada, while $75M is anticipated in New Jersey. Illinois is projected to fetch $60M while Pennsylvania and Indiana complete the Top 5 at $55M and $45M, respectively.
But while next weekend’s legal Super Bowl bets are expected to be record-breaking, it will still pale in comparison to the amount of money that goes through unregulated markets or offshore sportsbooks. According to the American Gaming Association, a total of $6.8B in legal and illegal bets were made for Super Bowl LIV last year. Given those figures, 2021’s Super Bowl Sunday should be another windfall for illegal bookmakers and a reminder to policymakers that Americans will continue to bet unaccountable billions if they are not provided with the legal option.