Discussion this week includes illegal and legal sports betting, the opening of sportsbooks at stadiums, New York online sports betting, and the billion dollar profits being made from sports gambling.
It’s that most wonderful time of the year again! Super Bowl bets are here! This year, legal US sports betting is expected to double on the big game from last year, and that should translate to around a billion dollars wagered in Super Bowl bets!
PlayUSA released their projections last week, which estimated that the $500 million in action wagered on last year’s game will roughly double this year. And why not? The opportunity for Americans to participate in legal sports betting has grown. And just adding New York online sports betting alone could get the numbers close to a billion!
There are a total of 30 states with some form of legalized betting on sports, which translates to well over 160 million people who could participate. But still, experts believe that a billion dollars in Super Bowl bets legally would still be a fraction of total bets placed in the country, either between friends or via a pool at work… or even the neighborhood bookie.
An analyst for PlayUSA, Dustin Gouker, state that “$1 billion in legal wagering on a single game would be an impressive milestone for the industry. It would have seemed impossible just a few years ago…”. And yet, here we are in 2022, and legal sports bets are very much a reality.