[toc]The popularity of sports betting in this country can be gauged from the Westgate Casino in Las Vegas. This casino houses the world’s most famous sports book and also hosts the globally prestigious betting contest, the SuperContest.
The NFL betting contest is always significant, but this year it’s enormous as participation has risen by 48 percent. A record-breaking 2,748 entries are competing to be the top predictor.
SuperContest winner earns $1.3 million
Given the large number of teams, it’s clear that the prize pool is record-breaking. Participation requires a fee of $1,500. Out of this amount, $120 is allocated for administrative expenses and the remaining money is directed towards the prize pool.
The contest rules are quite straightforward. Every week, a participant selects five NFL games to “bet” on, using the spread. Each correct prediction awards you a point.
Damon Graham emerged as the winner of the contest last year, achieving a success rate of 65 percent with a regular season record of 54-28-3. He outperformed 1,854 competitors and claimed a prize of $895,481.
This year’s contest winner will, for the first time in history, receive a seven-figure prize. The highest award is $1,327,248.
Despite the significant increase in field size, the number of paid spots remains consistent this year, as it has for many years past. The top 50 entries continue to be the ones that receive payment.
Interestingly, several entries had a poor start with the top five most-selected games all losing.
Westgate launched high buy-in SuperContest Gold
The launch of SuperContest Gold, a new $5,000 buy-in version introduced by the Westgate, is yet another sign that sports betting is rapidly growing in popularity.
The first competition attracted 94 participants and follows a winner-take-all format, with the champion earning $420,000.
What caused the spike in SuperContest entries?
The overnight growth of the SuperContest cannot be entirely attributed to just one reason. However, several factors did contribute to its expansion.
The rise in popularity of proxy services comes first. When people discovered that they didn’t have to be in Las Vegas to participate, the number of contestants via proxy started to increase. Currently, the competition is equally accessible to casual football enthusiasts from the Midwest who pool money and professional gamblers in Nevada.
Another contributing factor is the expansion in betting popularity due to mobile betting apps. These apps have simplified the process of placing small bets to just a few button presses. Eliminating the necessity to visit a sports book for betting has fostered market growth. Furthermore, the possibility of placing relatively small bets has attracted a new type of customer to sports betting.
One could advocate that daily fantasy sports (DFS) played a significant role in elevating interest. Even though the industry insists that it doesn’t constitute gambling, the research conducted on players proves beneficial for bettors as well.
Lastly, the growing prevalence of betting in sports media cannot be ignored. ESPN, for instance, showcases the points spread for games on its website. Sports commentators also highlight betting and the predictions from Vegas. Bill Simmons, a well-known media personality, even hosts a podcast on his popular site, The Ringer, specifically dedicated to predicting games based on the spread.
The normalization of sports betting appears to be gaining traction. According to the American Gaming Association, sports fans wagered $4.7 billion both legally and illegally on the Super Bowl alone.
Will this popularity impact the SCOTUS case?
The interest in sports betting from a large number of people seems to be propelling the industry’s momentum. A favorable ruling from the Supreme Court could be the action that triggers a surge in this industry.
A few weeks ago, parties involved in the impending New Jersey SCOTUS sports betting case submitted briefs. The central issue of the case revolves around New Jersey questioning the constitutionality of the Professional and Amateur Sports Protection Act (PASPA).
The lower courts have consistently supported the leagues to date. Nevertheless, if the court didn’t believe the case had substance, it wouldn’t consider it. A verdict isn’t anticipated until early next year. If New Jersey prevails, it could open the door for any state that desires to legalize this multi-billion dollar industry.
Image Courtesy: Kit Leong via Shutterstock.com
