Super Bowl LVI Set to Hit $1B in Betting Handle

The Super Bowl LVI is without a doubt going to be the biggest single-game sports betting event in the United States. Thirty states now accept legal wagers on betting contests and a legalization push has seized the entirety of North America. A report by PlayUSA assets that the upcoming Big Game should easily double the total amount wagered on last year’s game when the betting handle reached $500 million.

One billion in total wagers across the United States, factoring only the regulated gambling market, should be an easily attainable goal. Dustin Gouker, the company’s lead analyst, said that the one-billion threshold would be an important milestone for the industry and indicative of how big sports betting has gotten.

Betting Handle Only Going up from Here on In

Gouker admitted that a few years ago the idea of a single game pulling as much betting action was inconceivable. Things have changed rapidly since the Supreme Court of the United States struck down PASPA in 2018. These projected numbers do tell a story of growing interest in regulated gambling, but there is still a lot of offshore markets to address. The American Gaming Association (AGA) argues that in 2021, a total of $4.3 billion was placed on the Super Bowl game, accounting for both the legal and illegal gambling markets.

If the number is correct, it seems that many Americans are still turning to unregulated gambling options. The recent market launches of Louisiana and New York though are game-changers as both states have shown very strong first weeks of betting activity. But 2022 should be completely different for sports betting.

For last year, PlayUSA estimates that a total of $50 billion were wagered legally across the United States. This means that probably one-third of the illegal gambling market has been addressed and tackled. In 2018, AGA suggested that some $150 billion are wagered offshore. This sports betting handle is now rapidly coming home with more states regulating gambling.

The market is opening up rapidly. As explained, 30 states now allow sports betting, including Washington D.C., which means that 166.9 million people in the United States now can legally place a bet. This is up from the 120 million people who lived in regulated gambling markets in 2021. This information is confirmed by PlayUSA data analyst Eric Ramsey:

“The sports betting landscape has changed dramatically since last year’s game. More than half of all Americans now live in a legal jurisdiction, and even well-established markets such as New Jersey and Nevada have grown significantly over the last year as mobile betting gains in popularity.”

PlayUSA data analyst Eric Ramsey

Nevada and New York Locked in for First Place

PlayUSA also expects Nevada to hit the biggest total handle, followed closely by New York, a newly-regulated sports betting market which is set to eclipse all other states in terms of total betting potential. The company estimates that $175 million will be wagered in the Silver State and another $160 million in the Empire State for this year’s Big Game.

While sports betting is still facing some friction in the United States, the majority of states have allowed mobile wagering, which in turn is a steadfast driver of interest, sports betting handle, and taxable revenue for the states.

Not only that, but awareness among American adults about legal gambling options has been on the up with the legal market slowly seizing more ground from unregulated markets.