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Silvia Pavlof February 13, 2024 3 min read
Las Vegas Makes History with Record-Breaking Super Bowl LVIII Betting
The statistics, disclosed by the Nevada Gaming Control Board, showcased a notable rise from the previous year's handle, indicating a surge of 21.2%
In a historic first for Las Vegas, the city played host to Super Bowl LVIII, breaking records in betting handle and marking an unprecedented chapter in sports gambling history.
Nevada Sportsbooks Break Records with $185.6 Million in Bets
Nevada sportsbooks witnessed a staggering $185.6 million in wagers, a feat that shattered previous records and underscored the immense popularity of sports betting in the region. The figures, released by the Nevada Gaming Control Board, revealed a significant increase from last year’s handle, marking a 21.2% surge.
The Kansas City Chiefs emerged victorious in a thrilling showdown against the San Francisco 49ers, clinching their second consecutive Super Bowl title and third in five years with a 25-22 overtime victory. Despite being 2-point underdogs, the Chiefs defied the odds, sending shockwaves through the sports betting world.
Michael Lawton, senior economic analyst at the Nevada Gaming Control Board, explained that several factors drove the record-breaking handle, including the matchup with a West Coast team from the No. 2 feeder market for Las Vegas, coupled with the defending champions, and the game being played in Las Vegas itself.
Nevada Faces Low Hold Percentage Amid Super Bowl Craze
However, the triumph for bettors spelled trouble for sportsbooks, with Nevada’s 182 sportsbooks collectively winning $6.8 million, marking a relatively low hold percentage of 3.7%. The public’s overwhelming support for the Chiefs, coupled with successful bets on the overtime prop, dealt a blow to the sportsbooks.
Chuck Esposito, sportsbook director at Red Rock Resort, noted the palpable excitement surrounding the event and expressed his belief that the record would be broken, citing the influx of early wagers and the occurrence of six-figure bets two weeks prior.
Las Vegas emerged as the epicenter of Super Bowl betting fervor, with five of the eight $1 million bets nationwide placed in the city. Stakeholders, including BetMGM and Circa Sports, played a pivotal role in orchestrating the monumental event, earning accolades from Kirk Hendrick, chairman of the Nevada Gaming Control Board, for their contributions.
One of the most notable bets on the Super Bowl showdown came from Canadian rapper Drake. Despite concerns fueled by the infamous “Drake curse,” the rapper’s $1.15 million bet on the Kansas City Chiefs paid off as they defeated the San Francisco 49ers in the Super Bowl, breaking the curse. This victory marks the second year in a row that Drake has successfully backed the Chiefs, earning him approximately $2.34 million according to his bet slip.
As the dust settles on Super Bowl LVIII, Las Vegas basks in the glow of a historic milestone, solidifying its status as the ultimate destination for sports betting enthusiasts worldwide.