Super Bowl LVIII high-stakes gamble: $23 billion bet

Lea Hogg February 9, 2024

SiGMA news

Super Bowl LVIII high-stakes gamble: $23 billion bet

For the first time in history, the Super Bowl, America’s most-watched sporting event, will take place in Las Vegas, the country’s gambling capital.

This year’s game, a face-off between the Kansas City Chiefs and the San Francisco 49ers, is expected to be the biggest single-game betting event in US history. The American Gaming Association (AGA) predicts that 26 percent of US adults will wager on the game, totalling a staggering $23 billion.

History for NFL in Las Vegas

The NFL, once a staunch opponent of sports gambling, has seen a shift in its stance since a 2018 US Supreme Court ruling opened the door for regulated sports gambling beyond Nevada. Now, sports betting is legal in 38 states, Washington DC, and Puerto Rico, with over $300 billion legally wagered on sports in the US since the 2018 ruling.

In the first nine months of 2023 alone, $79 billion was bet, marking a 33 percent increase from the previous year.

NFL’s balancing act: revenue vs. integrity

Despite the NFL’s newfound acceptance of sports gambling, concerns remain. NFL Commissioner Roger Goodell has warned of the potential dangers of mixing professional sports with gambling, reminding team personnel not to engage in betting activities. Yet, the general public faces no such restrictions.

The NFL’s challenge lies in balancing the lucrative revenue stream from sports betting with maintaining the integrity of the game. The league has a history of punishing players for violating its strict gambling policy, and last year, it increased the suspension from one to two years for a player betting on his own team.

As the NFL navigates this new landscape, it’s clear that the stakes are high. With the Super Bowl set to take place in Las Vegas, the spotlight on the relationship between the NFL and the gambling industry has never been brighter.

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