As the buzz around Super Bowl 2024 in Las Vegas grows, betting projections signal an unprecedented level of interest. Industry research indicates that Super Bowl wagering is entering a league of its own this year.
The American Gaming Association’s latest forecast estimates that approximately 68 million Americans plan to place bets on the upcoming Chiefs vs. 49ers game. This figure represents a significant 35 percent surge from the previous year.
In terms of dollars, a staggering $23.1 billion is expected to be on the line for Super Bowl bettors. Yet, only a fraction of that – roughly $1.5 billion – is predicted to go through legal channels. Gambling research experts from Eilers & Krejcik Gaming echo this sentiment, anticipating about $1.25 billion in legal wagers for the event.
The contrast highlights a persistent challenge within the gambling industry: the prevalence of illegal betting. It’s suggested that the avoidance of fees, commonly known as the ‘vigorish,’ and taxes on winnings are some of the motives driving this covert betting activity.
“Our view is that the regulated sports betting market is well on its way to eclipsing the illegal sports betting market in the U.S. – it’s just a matter of the major remaining states like California and Texas passing bills and a few more years for regulated sports betting operators to fully connect with customers.
“With that said, there will likely always be a substantial illegal market for sports betting in the U.S., as the illegal operator holds a number of advantages over the regulated casino sportsbook, such as the ability to offer credit, the willingness to provide a level of anonymity, and the lack of substantial tax rates weighing down profits.”
