Super Bowl sports betting hits records as companies seize on the blockbuster moment
“Who sat on the remote?!”... It’s no surprise that Tubi’s ad caused so much stress this Sunday. Super Bowl gambling set sportsbook records this year, with an estimated 50M+ Americans wagering over $16B (double last year’s estimate). It was the first Bowl to take place in a state with legalized sports betting, which was a boost for betting apps. A highlight reel:
- MGM Resorts, which runs the BetMGM app plus sportsbooks on the Vegas Strip, said it was BetMGM’s most successful Super Bowl and most-bet-on single-game sporting event ever.
- FanDuel said it was processing 50K bets/second at its peak, and averaged 2M active users throughout the game.
- DraftKings predicted that the Bowl was going to be its largest customer-acquisition event of the year. (Oh, and one of its bettors won $2.7M on a $1.7M wager on the Chiefs.)
What happens in Vegas… hasn’t stayed in Vegas. Gambling platforms had strong growth last year as more states legalized sports betting. It’s now legal in 36 states plus DC, while mobile betting is allowed in 26 states (up from 18 a year ago). Americans placed $73B worth of legal sports bets last year, up 70% from 2021 — and sports-betting companies raked in nearly $6B from those wagers. Meanwhile, calls to the national hotline for people with gambling problems have soared.
Blockbuster events can be growth “freebies”… The Super Bowl super-charged the sports-betting industry by simply existing. Companies have splurged on celeb-studded marketing to compete for customers in the crowded space. But now they’re starting to shift their focus to achieving profitability — and milking blockbuster events for organic growth. Sportsbooks are already accepting bets for next year’s Bowl, which’ll take place in Vegas for the first time.