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The Super Bowl in Las Vegas smashed the betting record with Nevada’s sportsbooks taking $185.6 million in wagers. Despite record wagers, sportsbooks saw low profits with a $6.8 million win percentage translating to a 3.7% hold.
The Super Bowl in Las Vegas set a new state record for betting, with Nevada’s sportsbooks taking in $185.6 million in wagers. The figure outstrips the previous record of $179.8 million set in 2022, according to the Gaming Control Board.
The Kansas City Chiefs beat the San Francisco 49ers 25-22 in overtime, securing their latest Super Bowl title. Despite being 2-point underdogs, their victory marked their third win in five years at Allegiant Stadium.
Nevada’s 182 sportsbooks saw a $6.8 million profit from the game, which translates to a 3.7 percent hold. This is one of the lowest win percentages for the sportsbooks in the past ten years. The betting crowd’s preference for the Chiefs played a significant role in the sportsbooks’ earnings, especially with the 9-1 odds on the overtime proposition, a rare occurrence in Super Bowl history as reported by the Las Vegas Review-Journal. We reported earlier this week how online sportsbooks nationwide suffered losses caused by the Chiefs’ overtime win.
Michael Lawton, a senior economic analyst at NGCB, expressed satisfaction with the betting volume, attributing it to the game’s location in Las Vegas, the participation of a West Coast team, and the Chiefs’ status as defending champions.
The total bets placed this year were $32.4 million higher than the previous year, showing a 21.2 percent increase from 2023’s $153.2 million. Even with the growing availability of legal sports gambling nationwide, Nevada’s sportsbooks continue to thrive financially, with bettors losing $6.8 million on this Super Bowl. The game saw five bets of $1 million or more, with two successful bets on the Chiefs and three unsuccessful ones on the 49ers.
Chuck Esposito, sportsbook director at Red Rock Resort, anticipated the record-breaking handle based on the early betting patterns and the unique atmosphere of the game being held in Las Vegas. He noted that local events always boost betting activity, drawing a parallel to the increased handles observed during Knights, Raiders, Aces games, NASCAR, Formula One races, and combat sports events hosted in the city.
In related news, this year’s Super Bowl also saw a record number of sign-ups at licensed sportsbooks across the US as reported by GeoComply.