Super Bowl betting hits record highs, but illegality still dominates the market
Hours before the Super Bowl kicks off, studies and reports on the scale of sports betting are pouring in. According to H2 Gambling Capital, specialists in market data for the gambling sector, bets placed via legal bookmakers in the US are set to reach a record $1.6 billion this year. New York could overtake Nevada in terms of betting volume, with $181 million wagered versus $177 million for the gambling state.
A boom in legal betting, but a massive illegal share
The American Gaming Association estimates that $1.39 billion will be wagered legally on Super Bowl LIX. However, according to a Yield Sec report commissioned by the Campaign for Fairer Gambling (CFG), an overwhelming majority of online bets on the game, i.e. 75% would be placed via illegal operators ($4.8 billion out of a total of $6.4 billion).
Derek Webb, founder of CFG, says, “The illegal sector continues to grow, and legalization advocates exaggerate its profits. It’s the American economy and consumers who pay the price.”
Unpublished bets, an asset for illegal operators
Visit illegal betting sites attract large numbers of players by offering bets on atypical events, which regulated bookmakers in the USA cannot offer. In Canada, on the other hand, such betting does exist. In Ontario, BetMGM offers odds on a hypothetical marriage proposal from Travis Kelce to Taylor Swift: +800 for a “yes” and -2000 for a “no”.
The Taylor Swift effect and female participation
Yield Sec also notes a increase in female betting participation. 25% of women are expected to place a bet on the Super Bowl this year, compared with 21% last year. This trend could be explained by the media hype surrounding the Super Bowl. Taylor Swift and her relationship with Travis Kelce, one of the stories that captivates soccer fans and the general public alike.
An accelerating trend
During the previous Super Bowl, Yield Sec estimated that 5.4 billion in online bets of which only 1.4 billion were placed legally. These figures proved accurate, confirming the accuracy of their estimates and the continued prevalence of illegal betting platforms.
As the Eagles and Chiefs prepare to face off in an undecided game, one thing is certain: Americans’ passion for sports betting is only growing, and the stakes of a better regulation is more important than ever.
