The Super Bowl is the gambling extravaganza of the year.
has already been estimated Approximately $23 billion You can bet on a big game. But where will that money come from?
It’s clear that it will cost a lot of money for the Kansas City Chiefs and San Francisco 49ers to win. And bettors are definitely determining the over/under.
For BetMGM, a few The actual wager is based on the spread, money line, and total.
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One of over 400 proposition bets for Super Bowl I, Philadelphia Eagles vs. section is on display. (Ethan Miller/Getty Images)
Gary Deutsch, BetMGM’s chief financial officer, estimates that about 60% of wagers are placed on prop bets.
In regular sports betting, the props usually revolve around the players. Bettors can place over/under bets on receiving, rushing, and passing yards for a specific player. In baseball, you can simply bet on whether someone will record a hit.
There are countless other props in every game. You can also bet on a hole-in-one at this weekend’s Waste Management Open at TPC Sawgrass.
However, in the case of the Super Bowl, the market for prop bets is infinitely expanding. Gamblers can go far beyond the game itself and bet on the outcome of a coin toss or the color of the Gatorade that will be poured on the winning coach. There are a number of bets being made outside the United States involving Taylor Swift, including whether Travis Kelce will propose to her after the match.
Prop bets have been all the rage since gambling became legal in many parts of the country, but this is an under-the-radar market that fans crave during the Super Bowl.
A video board displays an advertisement for Super Bowl LVIII opening night on February 1, 2024 at Allegiant Stadium in Las Vegas. (Ethan Miller/Getty Images)
“I think it’s just popular culture. It’s fun, it’s a big party, it’s an event, and people want something fun that gets resolved quickly,” Deutsch said of the recent he told FOX News Digital in an interview. “Some of these bets end quickly, so you know if you won or not. We are responding to market demand and the Super Bowl is truly a celebratory party environment. “Before sports betting was legal, sports betting didn’t exist. So now we have them available and I think people are going to love it.”
Deutsch estimates that half of the Super Bowl bets are placed in the last 48 hours before kickoff, even though the lines have been out for nearly two weeks.
But high rollers are bettors who get in on the action early, Deutsch says.
“People who make more important bets, hundreds of thousands of dollars, will come in sooner. But smaller bets will be made within the last half-day,” he says.
Naturally, every bettor wants to strike it rich with the old reliable parlay.
They aren’t really reliable. But it’s fun if you get it right. And that’s why Deutsch has seen so many players betting on big games.
After a press conference announcing the 2024 Super Bowl will be held at Allegiant Stadium in Las Vegas on December 15, 2021. (David Becker/Getty Images)
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“Casual bettors seem to prefer lottery-type bets,” says Deutsch, who estimates that at least half of all bets on games to date are on parlays.
“It’s one thing to bet $100 on something that you don’t think will actually happen, but would be great if it did, and a series of highly unlikely events will happen. , that $10 turns into $100. What you’ve collected.
“And then there’s the excitement of winning the lottery. A lot of people like that kind of payout. There are a lot more people than we expected four or five years ago.”
The Super Bowl kicks off Sunday at 6:30pm ET.
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