Super Bowl LVI Betting Numbers Are Likely To Set Records
Super Bowl LVI pits the Cincinnati Bengals against the Los Angeles Rams. The game will be played at SoFi stadium this Sunday in Los Angeles. The Rams are 3.5 point favorites. However, the real story of the game might be the amount of money wagered on the event.
A Sports Betting Extravaganza Awaits
It wasn’t long ago when Super Bowl numbers squares were the primary way to get in on the Super Bowl action. My, how times have changed. Though Super Bowl numbers squares still exist, the focus has shifted to wagering on the result of the game, the over/under point total and props.
According to PlayUSA, a billion dollars will be legally wagered on the event. Those bets will be placed on the web and also at retail sportsbooks. If an aggregate of a billion dollars is wagered on the big game, it will amount to double the amount wagered on the Super Bowl from last year when the Tampa Bay Buccaneers beat the Kansas City Chiefs.
It is particularly interesting to note slightly more than $4 billion was wagered on last year’s Super Bowl LV. However, that dollar total refers to both illegal and legal bets. If you were to add up the illegal and legal wagers placed on this year’s big game, it would likely exceed $7.5 billion as estimated by AGA. If this figure is hit, it will represent a nearly 80% increase on a year over year basis.
AGA indicates just under 31.5 million adults in the United States will wager on Super Bowl LVI. If this prediction comes true, it will equate to a spike of 35% on a year over year basis.
Sports Wagering Has Spilled Into The Mainstream
Sports gambling is becoming one of America’s favorite hobbies. As time progresses, more and more states are legalizing this activity that was once considered to be a sinful vice. As of this weekend, 30 states and Washington DC allow gamblers to wager on sporting events either in-person at brick-and-mortar sportsbooks or on the web.
Rewind to last year’s Suer Bowl and merely 21 states allowed sports wagering. PlayUSA predicts nearly 170 million individuals will legally bet on the big game this year as compared to merely 120 million people last year.
At the moment, slightly more than 50% of Americans reside in a jurisdiction where sports gambling is legal. Sports betting has become especially popular in New Jersey as it is the home of the hotspot tourist destination of Atlantic City. Residents of New York city will be legally empowered to bet on this year’s Super Bowl on the web. In fact, the state’s online sports wagering platforms are breaking records despite only being available for about a month’s time.
Sports Gambling Companies Are Raking In The Cash
From an investing perspective, sports gambling is important as it buoys the stocks of the industry’s publicly traded companies. DraftKings, trading under the symbol of DKNG on the NASDAQ, and Caesars Entertainment, trading under the symbol of CZR on the NASDAQ, will accept many of the bets placed on the big game.
The publicly traded companies referenced above will reinforce their branding by airing commercials during the Super Bowl. Investors looking to capitalize on the avalanche of money shifting toward sports gambling should also consider establishing a stake in the Roundhill Sports Betting & iGaming ETF that trades under the symbol of BETZ.