The Tampa Bay Buccaneers 31-9 win over the Kansas City Chiefs in Super Bowl LV didn’t make for the most fun Super Bowl to watch. However, that didn’t stop Nevada sports bettors from getting in on the action.
Nevada’s 184 sportsbooks took $136.1 million in wagers on the Super Bowl 55 according to the Nevada Gaming Control Board (NGCB). This was the lowest handle (amount of money wagered) for the Super Bowl in Nevada since 2016. Nevada sportsbooks took in $132.5 million on the 50th Super Bowl.
Nevada sportsbooks won 9.2% of the wagers placed on the Super Bowl for a total of $12.57 million. The decrease in wagers isn’t much of a surprise. Last week Nevada Gaming Control sent a reminder to casinos that it would be observing properties to ensure the businesses were compliant with the 25% capacity limit.
Michael Lawton, senior research analyst for the NGCB said:
“In Nevada, Super Bowl handle is driven by visitation and Las Vegas, along with other areas across the state, are destination markets for customers to come and wager on the game.”
“Overall, considering the factors that Nevada sportsbooks were facing, these figures represent the fifth-highest total all-time for Super Bowl betting volumes since Nevada began recording these figures in 1991. That being said, the Board is very pleased with these results.”
The NGCB is very pleased with the results and they should be. Visitation to Las Vegas was down more than 55% in 2020, according to the Las Vegas Convention and Visitors Authority. The lack of tourists helped highlight the strength of the residential gambling market throughout Nevada.
Super Bowl betting not so bad for sportsbooks
While a dip in the amount of money wagered isn’t good the news isn’t awful compared to Super Bowls in the past decade. According to the NGCB, Nevada sportsbooks won more money than four of the past five Super Bowls:
- 2021: $12,574,125
- 2020: $18,774,148
- 2019: $10,780,319
- 2018: $1,170,432
- 2017: $10,937,826
In fact, Nevada sportsbooks have only won more money in three of the past 10 Super Bowls. The Super Bowl win percentage for Nevada sportsbooks in 2021 also ranks the same, fourth in the past 10 Super Bowls.
While the amount of money wagered dipped due to capacity limits and fewer tourists, Nevada sportsbooks had similar wins compared to other recent Super Bowls.
Nevada still the reigning champs in Super Bowl betting…for now
So far, more money was wagered on Super Bowl LV in Nevada than in any other state. That likely won’t be the case in the future.
States continue to legalize sports betting and that’s leading to more people risking money on the games. GeoComply, an online sports betting data company, says that there were 3 times as many online wagers made in the US during Super Bowl weekend this year than last year.
New Jersey Super Bowl revenue is closing in on Nevada fast. There was $117.4 million wagered on Super Bowl LV in New Jersey. That’s more than twice the amount as 2020. This should continue to grow as the market matures.
According to Legal Sports Report, GeoComply data shows that there were more online sports wagering transactions in Pennsylvania than in any other state. The amount of money wagered in the Keystone State amounted to $54 million.
Sports betting is just starting in states with large populations like Michigan and Illinois. States legalizing sports betting are making it easier to bet online and via a mobile device. As sports betting becomes ubiquitous in other states, look for large population centers to leap over Nevada’s handle for future Super Bowls.
Super Bowl LVI odds already posted
One door closes and another opens. Say goodbye to Super Bowl LV and hello to Super Bowl LVI. The next Super Bowl is scheduled to take place on Feb. 6, 2022, in Inglewood, California.
Despite losing the Big Game this year, the Chiefs are the 5-1 the favorite to win Super Bowl 56 at William Hill sportsbooks. The Green Bay Packers are the second favorite at +850. The Buccaneers are tied for the third-lowest odds with the Buffalo Bills and Los Angeles Rams at 10-1.
There’s been one early mover in Super Bowl odds since they were first released. The Rams moved from 18-1 to 10-1 after trading for Detroit Lions quarterback Matthew Stafford.
The Las Vegas Raiders Super Bowl LVI odds fall somewhere in the middle of the league at 40-1. The Raiders are 18-1 to win the AFC Championship and play in the Super Bowl next year.