Despite the Super Bowl LV not being the most entertaining, as Tampa Bay Buccaneers won over Kansas City Chiefs with a score of 31-9, it didn’t discourage Nevada sports bettors from joining in the action.
The Nevada Gaming Control Board (NGCB) announced that the state’s 184 sportsbooks took in $136.1 million in bets on Super Bowl 55. This is the lowest amount bet on the Super Bowl in Nevada since 2016 when these sportsbooks received $132.5 million in bets for the 50th Super Bowl.
Nevada sportsbooks made a profit of 9.2% on Super Bowl bets, which amounted to $12.57 million. The decline in betting expenditure was not surprising. Previously, the Nevada Gaming Control had alerted casinos about a 25% capacity restriction they were required to adhere to and warned that compliance would be monitored.
Michael Lawton, the senior research analyst for the NGCB, said:
The Super Bowl betting volume in Nevada is affected by tourism. Areas such as Las Vegas and other parts of the state act as target markets where visitors can place their bets on the game.
Considering the obstacles encountered by Nevada sportsbooks, these figures represent the fifth-highest Super Bowl betting volumes recorded since Nevada began monitoring in 1991. The Board is very pleased with these results.
The Nevada Gaming Control Board (NGCB) is highly pleased with the results, and justifiably so. A decrease in Las Vegas visitation by more than 55% in 2020 was reported by the Las Vegas Convention and Visitors Authority. This fall in tourism highlighted the strength of the residential gambling market throughout Nevada.
Super Bowl betting not so bad for sportsbooks
While a drop in the amount of money wagered isn’t ideal, the news isn’t dreadful when compared to the Super Bowls over the past ten years. According to the NGCB, Nevada sportsbooks have made more profits than four out of the last five Super Bowls.
- 2021: $12,574,125
- 2020: $18,774,148
- 2019: $10,780,319
- 2018: $1,170,432
- 2017: $10,937,826
Nevada sportsbooks have only made more money in three of the last 10 Super Bowls. In fact, the 2021 Super Bowl win percentage for Nevada sportsbooks is on par with this, ranking fourth among the past 10 Super Bowls.
Even with less money bet because of capacity limits and fewer tourists, Nevada sportsbooks still saw wins similar to those of recent Super Bowls.
Nevada still the reigning champs in Super Bowl betting…for now
So far, Nevada has recorded the most Super Bowl LV betting compared to all other states. However, this trend is not expected to continue in the future.
More states legalizing sports betting has led to a rise in people placing bets on games. GeoComply, a company that focuses on online sports betting data, reported a threefold increase in online bets placed in the US during the Super Bowl weekend this year, compared to last year.
Revenue from the Super Bowl in New Jersey is quickly approaching that of Nevada. The sum bet on Super Bowl LV in New Jersey topped $117.4 million, over twice the amount in 2020. As the market matures, this amount is projected to keep rising.
According to data from GeoComply, cited by Legal Sports Report, Pennsylvania leads all states in online sports betting transactions. The total amount wagered online in the Keystone State amounted to $54 million.
The popularity of sports betting is rapidly increasing in highly populated states like Michigan and Illinois, thanks to its legalization which has made online and mobile device betting easier. As this trend expands to more states, it is anticipated that regions with large populations will exceed Nevada’s betting volume for future Super Bowls.
Super Bowl LVI odds already posted
As we say goodbye to Super Bowl LV, we usher in Super Bowl LVI. The forthcoming Super Bowl is scheduled for February 6, 2022, in Inglewood, California, signifying the close of one era and the start of a new one.
Despite their loss in the Big Game this year, the Chiefs are now the 5-1 favorite to clinch the Super Bowl 56, as stated by William Hill sportsbooks. The Green Bay Packers are hot on their heels with +850 odds, positioning them as the second favorite. The Buccaneers, Buffalo Bills, and Los Angeles Rams are all in a three-way tie for the third favorite spot, each with 10-1 odds.
Since the first release of Super Bowl odds, there has been one adjustment. The Rams’ odds changed from 18-1 to 10-1 after they traded for Matthew Stafford, the quarterback from the Detroit Lions.
The betting odds for the Las Vegas Raiders to win the Super Bowl LVI are set at 40-1, positioning them mid-league. They have 18-1 odds to win the AFC Championship and move on to the Super Bowl next year.
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