New Record Betting on Super Bowl Industry

New Record Betting on Super Bowl in Nevada

By Amelia Walker Senior Content Writer Updated: 26 February 2024

Amelia Walker Senior Content Writer

Amelia Walker is a Senior Content Writer at Betting.US. She has a law degree and deep knowledge of the gambling laws in the United States. Her mission is to keep players informed about responsible gambling, while her passion for sports helps her create useful guides. Amelia has over a decade of experience in betting, which has positioned her as a trusted voice among our readers.

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In February, Las Vegas played host to its inaugural Super Bowl event, setting the stage for a historic clash between the Kansas City Chiefs and the San Francisco 49ers. The showdown culminated in an overtime victory for the Chiefs, clinching the Lombardi Trophy and ensuring they won the game’s biggest prize for the second season in succession.

The Super Bowl also marked a significant milestone for Nevada, particularly when it comes to sports betting. According to the initial data from the Nevada Gaming Control Board, an unprecedented $185.6 million was wagered on Super Bowl LVIII. While the data is yet to be audited, preliminary figures suggest that betting on the Super Bowl shattered previous records.

A Hugely Popular Event

This impressive figure reflects the continued popularity of the Super Bowl, which sees huge numbers of sports fans and bettors placing bets. Nevada’s sportsbooks enjoyed huge success, and while they had a modest 3.7 percent win margin, they raked in $6.8 million from the betting frenzy.

While this haul didn’t reach record-breaking heights, it highlighted the industry’s resilience, with Nevada sportsbooks having only suffered losses on two occasions since the NGCB commenced tracking individual game revenue data in 1991.

The event was also followed by millions of viewers across the nation, with NFL Communications declaring the Super Bowl LVIII as the most-watched game in television history.

Success from F1 Event

The last few months have been very lucrative for Nevada sportsbooks, as well as other businesses in the state. In November, Las Vegas hosted its inaugural F1 Grand Prix event, which proved to be hugely popular and drew in many visitors from around the country and beyond.

Many local businesses, including hotels, restaurants, bars, and entertainment venues, fared very well from the event. The casinos in Las Vegas were also able to reap the rewards of an increased number of visitors heading to the area for the F1 event.

This was closely followed by the Super Bowl event, marking the second major sporting event that the state has hosted in a matter of a few months. Again, this helped to boost tourism in the area, with many people flocking to see the big event in person. This included many well-known celebrities. According to PlayUSA:

Countless celebrities just visited the entertainment capital of the world to watch the Super Bowl. Taylor Swift, Beyonce, Jay-Z, Ice Spice, Lana Del Rey, Kim Kardashian, Lady Gaga, Blake Lively, Keegan-Michael Key, Mr. Beast, and Elon Musk were just some of the big names on hand to watch the game.

In addition, there were plenty of celebrities who performed at various casinos and other venues in the area. This included Gwen Stefani, Bruno Mars, and Justin Bieber.

Quiet Period Approaches for Betting States

Once March Madness is over, sportsbooks in Nevada and other states will head into the quieter period. This generally lasts until the football season begins again in September, and there is usually a noticeable drop in betting activity due to the lack of major sports events.