While my friend group contains casual sports bettors, even the most casual ones insist on betting on the Super Bowl at top-rated sportsbooks.
It’s the biggest game of the year. It’s a tremendous cultural event. You have to, so they say, bet on the Super Bowl.
Besides the fact that it is the biggest game, there are so many betting options available.
In addition to being able to bet on the side and total, you can bet on the most random components of an NFL broadcast, such as the National Anthem rendition, the coin toss, and the color of Taylor Swift’s lipstick.
Every trivial detail of an NFL broadcast assumes added importance because bettors’ money is in play.
The Super Bowl media center in Las Vegas has NFL-themed slot machines 🎰 pic.twitter.com/DjimABe4Z9
— Front Office Sports (@FOS) February 5, 2024
Sports betting legalization measures, which are pervasively being adopted in recent times, are intensifying the drive and the ability to bet on the Super Bowl.
With this being said, let’s look into the exact numbers and then explore things further.
The Numbers
Last year, about 50 million American adults wagered 16 billion dollars on the Super Bowl.
To put the first number into perspective, the United States last year was inhabited by about 350 million total people. Not all of these people are able to place bets. A substantial percentage of these people were too young, too sick, or too poor.
Considering these circumstances that inhibit broader portions of the overall population from betting, a tremendous proportion of the population that has the means to do so is likely to bet on the Super Bowl.
Nearly 68 million American adults plan to bet on this year’s Super Bowl, setting a record by a wide margin, according to the gambling industry’s national trade association. https://t.co/OFeVDC49tF
— NBC News (@NBCNews) February 6, 2024
Is Sports Betting Really On The Rise, As They Say?
People are making the argument that sports betting is viewed as a worthwhile activity to engage in by more people. The 16 billion dollars wagered on Super Bowl LVII, so these people say, is proof of that.
However, it is interesting to consider the fact that Super Bowl LVII also saw a tremendous increase in viewers.
According to ESPN, no other event based in this country was watched as much as Super Bowl LVII. Compared to Super Bowl LVI, an additional 16 million viewers tuned into Super Bowl LVII.
This fact about increased Super Bowl viewership makes it worth considering to push back a bit against the narrative that sports betting is on the rise.
The counterargument, so it goes, is that Super Bowl LVII does not actually offer proof that sports betting is more popular.
People bet so much more on Super Bowl LVII because it was a popular Super Bowl to watch. This Super Bowl contained unique and interesting headlines that attracted many people, who then decided to wager on the game.
Such headlines include the fact that we had two black quarterbacks competing against each other for the first time. Also, two brothers were playing on opposing teams.
So much for the counterargument.
The Counterargument Is Empirically Unintuitive
The idea that the Super Bowl was bet on so much more heavily than usual because it attracted more viewers does not sit right with me.
I think the counterargument has things backwards.
More people bet on the Super Bowl because there are more bettors. Because there are more bettors, there were more Super Bowl viewers. This is because betting on games makes them more exciting.
There must be a tremendous number of sports fans out there who prefer other sports, such as basketball or hockey. Perhaps those fans do not care about football.
However, even those fans will experience this empirical phenomenon where, if you wager on a game, then it becomes more important.
This phenomenon exists because you have something to lose and something to gain.
The Super Bowl becomes a means of increasing one’s bankroll. A feeling of excitement is a byproduct of this whole money-seeking endeavor.
More Bettors Means More Super Bowl Wagers
Let’s develop the point about an increasing number of bettors.
Last year, 30 million Americans intended to wager on a sports event. This total is up an astounding 66% from 2022.
It stands to reason that if sports in general is being bet on more often, then the biggest sporting event of the year will also be bet on more heavily.
Legal measures in place are enabling more people to bet.
Over a third of NFL fans have said that sports betting expansion has increased their interest in games.
30 states now allow betting on sports events but the two states whose teams will square off in this year’s Super Bowl, California and Missouri, don’t allow their fans to bet on their teams.https://t.co/RlxoXwuILx
— Dan Walters (@DanCALmatters) February 5, 2024
With these circumstances in place and, thanks to continued political activity and effective advertising from sportsbooks only too keen to offer great deals and to show the extent of their offerings, one can only expect this surge in sports betting interest to perpetuate itself especially with Super Bowl LVIII coming up.
