onlinepokies logo
logo 1 small min

Nevada Sets New Record with $185.6M Super Bowl Handle Despite Exploding US Betting Industry

super bowl
Posted on February 12, 2024

A new record was set for the amount of bets placed on the Super Bowl in Nevada this year, according to a recent report from the Nevada Gaming Control Board. Over $185 million was wagered on Super Bowl LVIII, breaking the previous record of $179.8 million set just two years ago in 2022.

Despite the massive betting handle, Nevada sportsbooks only held 3.7% of the total amount wagered, equating to revenue of $6.8 million. As noted in the original article from Worldcasinodirectory, gaming analyst Chad Beynon had projected around a 4% loss for sportsbooks on their Super Bowl bets. So while the results weren't ideal for the house, they managed to fare slightly better than the worst-case scenario.

The $185.6 million wagered this year in Nevada is particularly impressive when you consider the growth of legalized sports betting across the country. Over half of the U.S. population now lives in areas where online sports wagering is legal. This wider availability has brought many new bettors into the fray that might never have placed traditional bets through Nevada sportsbooks.

Yet despite the increased competition, the handle in Nevada keeps reaching new highs. According to beverage director Anthony Olheiser, whom the original article quotes, the Super Bowl draws public and celebrity interest like no other sporting event. Even casual fans often place their one bet of the year on the big game.

So what drove the record handle this time around? The article cites the blossoming high-profile relationship between Chiefs' tight end Travis Kelce and pop superstar Taylor Swift. Their romance apparently sparked interest from female fans and "a whole new demographic" of bettors.

The game itself also lent to increased wagering. Four total touchdowns were scored, but many star players finished under their projected yardage totals. Since proposition bets on individual player performance are extremely popular for the Super Bowl, this possibly took some of the edge off for sportsbooks.

And the overtime period, while great for TV viewers, gave certain players additional opportunities to go over their totals. According to one sportsbook operator quoted in the original piece, "The Chiefs winning pretty much any way was going to be a bad result for the sportsbooks."

Overall the consensus seems to be that this was a reasonably positive outcome for Nevada sportsbooks, although the 3.7% hold percentage was lower than the state has seen historically. It will be interesting to see whether the elevating popularity of legal sports betting nationally will continue to drive record Super Bowl handle in Las Vegas, or if more casual bets will stay closer to home in years to come.

More


A new record was set for the amount of bets placed on the Super Bowl in Nevada this year, according to a recent report from the Nevada Gaming Control Board. Over $185 million was wagered on Super Bowl LVIII, breaking the previous record of $179.8 million set just two years ago in 2022.

Despite the massive betting handle, Nevada sportsbooks only held 3.7% of the total amount wagered, equating to revenue of $6.8 million. As noted in the original article from Worldcasinodirectory, gaming analyst Chad Beynon had projected around a 4% loss for sportsbooks on their Super Bowl bets. So while the results weren't ideal for the house, they managed to fare slightly better than the worst-case scenario.

The $185.6 million wagered this year in Nevada is particularly impressive when you consider the growth of legalized sports betting across the country. Over half of the U.S. population now lives in areas where online sports wagering is legal. This wider availability has brought many new bettors into the fray that might never have placed traditional bets through Nevada sportsbooks.

Yet despite the increased competition, the handle in Nevada keeps reaching new highs. According to beverage director Anthony Olheiser, whom the original article quotes, the Super Bowl draws public and celebrity interest like no other sporting event. Even casual fans often place their one bet of the year on the big game.

So what drove the record handle this time around? The article cites the blossoming high-profile relationship between Chiefs' tight end Travis Kelce and pop superstar Taylor Swift. Their romance apparently sparked interest from female fans and "a whole new demographic" of bettors.

The game itself also lent to increased wagering Four total touchdowns were scored, but many star players finished under their projected yardage totals. Since proposition bets on individual player performance are extremely popular for the Super Bowl, this possibly took some of the edge off for sportsbooks.

And the overtime period, while great for TV viewers, gave certain players additional opportunities to go over their totals. According to one sportsbook operator quoted in the original piece, "The Chiefs winning pretty much any way was going to be a bad result for the sportsbooks."

Overall the consensus seems to be that this was a reasonably positive outcome for Nevada sportsbooks, although the 3.7% hold percentage was lower than the state has seen historically. It will be interesting to see whether the elevating popularity of legal sports betting nationally will continue to drive record Super Bowl handle in Las Vegas, or if more casual bets will stay closer to home in years to come.