Nevada Sportsbooks Made $153.2M in Super Bowl Betting Revenue, Much Less Than Last Year’s Record

Nevada sportsbooks made $153.2 million in bets on Sunday’s Super Bowl, which was far less than last year’s record.

However, there’s still hope because next year’s NFL championship game will be held in Las Vegas.

Fewer bets compared to last year:

On Monday, the Gaming Control Board said that “wagers placed on the Kansas City Chiefs’ 38-35 win over the Philadelphia Eagles in Super Bowl LVII were the fourth highest of all time, although $26.6 million below the $179.8 million bet a year ago.”

But when analyzing projections for next year’s Super Bowl that will be held at Allegiant Stadium next February, analysts are confident that a fresh standard will be set for NFL championship betting in Nevada.

In this regard, Eilers & Krejcik Gaming consultant Chris Grove said: “Nevada’s sportsbooks could see $200 million in wagers on the game in 2024.”

But looking at this year, Nevada sportsbooks took in 7.4 percent of all bets from in-play betting, meaning they ended up collecting $11.3 million, the lowest total since 2019, when sportsbooks earned nearly $10.8 billion in Super Bowl wagers.

Commenting on the reasons for the lowest revenue for Nevada sportsbooks, Michael Lawton, control board senior economic, said: “Many sportsbook operators expected Nevada would lose some betting action to Arizona, the first state with legal sports betting to host a Super Bowl with legal sports betting.”

“But, sportsbooks took in at least one seven-figure wager and several six-figure wagers on Sunday’s game.”

He also said that “football wagering was down 6.9 percent in the last four months of 2022, compared with 2021.”

Biggest Super Bowl profit for Nevada sportsbooks:

Looking back on the year when Nevada sportsbooks made the most Super Bowl profits, it would definitely be 2020, with nearly $18.8 million in casino revenue after the Chiefs won against San Francisco, 31-20.

But going back to this year, sportsbooks did pretty well with $46.7 million in revenue and $8.7 billion in bets.

Nevada sportsbooks accepted more Super Bowl bets compared to other US states:

Although revenue was on the lower side compared to the previous year, the $153.2 million total was exactly what analysts at Eilers & Krejcik had forecast last week, just before the game.

They said: “Nevada operators would accept more Super Bowl wagers than any of the other 32 states where sports betting is legal.”

Legitimate sports wagering is now known to have surpassed the $1 billion mark across the US for the first time, but figures for other US states and Washington D.C. are expected to come in the next several weeks.

In this regard, Geocomply said on Monday: “More than 100 million geolocation checks were processed Saturday and Sunday on mobile sports betting apps.”

Gocomply verifies transactions for its customers, which occur at different stages of user registration and wagering with legitimate regulated online bookmakers.

They added: “The figure was a 25 percent increase from last year’s Super Bowl weekend. New York had the highest percentage of any state, with 13.9 million geolocation checks.”

In a statement published by the CEO of GeoComply, Anna Sainsbury, it was stated that “more than 100,000 check-ins were verified from around State Farm Stadium in Glendale, Arizona, where the game was played. Super Bowl LVII was a record-breaking event and the data shows Americans’ interest in legally betting on the Super Bowl has never been higher.”

Chad Beynon, gaming analyst at Masquarie Securities, said to investors on Monday that “new sports betting states and the continued mainstream adoption of sports betting probably pushed Super Bowl wagering from $1 billion to $1.5 billion nationally.”