Super Bowl LVIII has already broken betting records at sportsbooks across the country, with a shocking $23.1 billion in stakes.
of new york post Claim One in four Americans will bet on the Super Bowl, and in total, up to 68 million Americans will bet on the outcome of the game. This is a significant 35% increase over last year’s $16 billion in bets on the big game.
Although gambling is legal almost everywhere, post He also noted that large amounts of wagering are still not taking place outside of sportsbooks and betting apps. The newspaper reported through legal sources that $1.5 billion is being bet, but that’s just a fraction of the estimated $23.1 billion the game is at stake.
A videoboard displays the logo for Super Bowl LVIII to be held at Allegiant Stadium on February 1, 2024 in Las Vegas, Nevada. The game will be played on February 11, 2024 between the Kansas City Chiefs and San Francisco 49ers. (Ethan Miller/Getty Images)
So why does illegal underground gambling still exist? We can thank governments and sportsbooks for paying high taxes and fees for it, the paper said. Many gamblers still prefer illegal gambling because they can avoid extra costs and get more winnings.
Still, Chris Grove of Errors & Classics says legal gambling is still in its growth stages.
“Our view is that the regulated sports betting market is overtaking the illegal sports betting market in the United States.” It’s just a matter of the market taking a few more years to allow operators to fully connect with their customers,” Grove said. post.
“That being said,” he continued, “the U.S. has a large market share of sports betting, as illegal operators have many advantages over regulated casino sportsbooks, such as the ability to offer credit.” It is likely that there will always be a sizable illicit market,” with a willingness to provide some level of anonymity and a lack of real tax rates that weigh on profits. ”
Even as many other states jump on the gambling bandwagon, several large states, including Texas, California, Georgia and North Carolina, are resisting calls to increase tax revenue.
On February 3, 2024, the Super Bowl LVIII sign goes up on the marquee at Caesars Palace in Las Vegas, Nevada. The game will be played on February 11, 2024 at Allegiant Stadium in Las Vegas between the San Francisco 49ers and Kansas City Chiefs. (Ethan Miller/Getty Images)
“12.8% of all betting activity (the most) is expected to take place in Las Vegas, where the fight will be held, followed by 12.4% in New York and 9.6% in New Jersey,” the newspaper reported.
It’s also estimated that 42.7 million Americans bet at legal sportsbooks, even though 36.5 million people stick to personal “square” contests at work or other betting pools.
The number of people who say they plan to watch the Super Bowl is also increasing.
The newspaper said about 73 million Americans were ready to watch it, an increase of nearly 10 percent from last year’s viewership. Some believe it was because Taylor Swift was attending a game in Las Vegas to cheer on her boyfriend, Chiefs star Travis Kelce.
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