The Rising Human Cost of Sports Betting
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Super Bowl Betting Projected To Hit Record $16B
Last updated Feb 08, 2023
Image credit: Associated Press [via The New York Times]Facts
- The American Gaming Association (AGA) on Tuesday projected that more than 50M people – approximately one-fifth of the US population – will place bets on Sunday's Super Bowl between the Philadelphia Eagles and the Kansas City Chiefs, for a total of about $16B.[1]
- This comes as data from an online survey on behalf of the AGA indicates that about 30M adults will make wagers online, at a retail sportsbook, or with a bookie, and 28M people will casually bet with friends in some type of pool or squares contest.[2]
- As of Monday, the biggest known bet on the upcoming Super Bowl is a $1M wager made on the Eagles’ moneyline to win $800K. Last year, Houston furniture magnate Jim "Mattress Mack" McIngvale wagered $5M on the underdog Cincinnati Bengals, who lost 23-20 to the Los Angeles Rams.[3]
- The Eagles were a slight underdog when the Super Bowl lines first posted at sportsbooks across the country, but the tight odds have since flipped amid concerns over Chiefs quarterback Patrick Mahomes’ ankle injury.[4]
- This will be the first Super Bowl played in a state with legalized sports gambling, and fans attending State Farm Stadium in Glendale, Ariz., will be able to place bets during the game.[5]
- Thirty-three US states and Washington, DC have legalized and implemented betting since SCOTUS annulled a 1992 federal law banning commercial sports gambling in 2018.[6]
Spin
Narrative A
It’s disgraceful that sports governing bodies that long expressed opposition to gambling, such as the NFL, have jumped on the bandwagon of the multimillion-dollar sports betting industry while almost 7M Americans struggle with gambling addiction. Casual betting may be fun in the moment, but sportsbooks are using Super Bowl week to get people hooked on their devastating product.
Narrative B
Sports betting has been a huge boost for fans, who are now extra invested in the games they already love. NFL games, in particular, have been enhanced by legal gambling, especially with the exotic prop bets offered in relation to the Super Bowl. Most legalized betting operations have ways of setting limits to make sure gamblers can enjoy the thrill but also wager responsibly.
Nerd narrative
There's a 44% chance that the Eagles will win the Super Bowl, according to the Metaculus prediction community.
