Super Bowl Creates Massive Sports Betting Boon for Nevada Underscoregs

Hosting this year’s Super Bowl proved to be a fantastic opportunity for Nevada and its top sports betting apps.

In 2024, Sin City hosted America’s most bet-on sporting event for the first time. The Big Game saw record-breaking wagers at top sportsbooks, as reported by the Nevada Gaming Control Board Super Bowl figures.

In a recent interview, Nevada Gaming Control Board senior economic analyst Michael Lawton stated that the betting on the Super Bowl set an all-time record and exceeded their expectations. He attributed this year’s high totals to factors such as having a West Coast team from a major feeder market for Las Vegas, the defending champions, and the game being held at Allegiant Stadium in Las Vegas.

$185.6 million bet on Super Bowl in Nevada

Nevada’s legal sports betting providers raked in a historic $185.6 million during the Super Bowl weekend. As the host of the Big Game, they capitalized on both local residents and the influx of visitors to the state for the NFL Championship event.

On Monday, the NGCB revealed the sports betting handle for the Super Bowl.

Betting on the 2024 Super Bowl surpassed the totals from 2023 by 21.1%, with a handle of $185.6 million, beating the previous Nevada Super Bowl record of $179.8 million set in 2022 by 3.2%.

Jay Kornegay, vice president of Westgate SuperBook, expressed confidence in the upcoming Super Bowl being hosted in Las Vegas, stating, “I am certain that it will set a new record.”

Revenue reports mixed

Nevada sports betting apps and retail providers saw varied revenues around the Super Bowl. While profits for Nevada sportsbooks improved compared to the 2023 game, they still fell short of the revenue numbers recorded during the peak year of 2022.

It was evident that Nevada bettors were supporting the Kansas City Chiefs over the San Francisco 49ers in Sunday’s game, taking advantage of Nevada sportsbook promotions.

The slightly disappointing Nevada Super Bowl sportsbook revenues were mainly due to a 3.7% hold rate, which was the fourth-lowest win rate for Nevada providers in the past decade.

Altogether, Nevada’s 182 sports betting apps and retail providers generated $6.8 million in revenue from this year’s Super Bowl. This marked a $2.4 million increase from the previous year’s game, but a 37.8% decrease from 2022.

Following a broader trend

According to a GeoComply report, Nevada sportsbooks saw a significant increase in betting activity for the Super Bowl compared to the previous year. Geolocation technology showed a 22.3% rise in overall Super Bowl bets nationwide.

FanDuel, the top American betting site, received $307 million in bets on the Super Bowl this year, setting a new record for the sports-wagering giant and surpassing any other sportsbook in the U.S. taking Super Bowl wagers.

With the increasing availability of data, it is anticipated that additional states and sportsbooks will announce record levels of wagering on the NFL’s championship game. GeoComply set the precedent for the record numbers, which were subsequently confirmed by Nevada, and FanDuel has also reported its own record handle for the game.

There will be an increase in sports betting companies releasing even more impressive numbers in the coming days and weeks, with more records expected to be broken.