Super Bowl 2024: Online Betting Surge Leads to Sportsbook Losses
The Super Bowl: A Betting Frenzy Leading to Losses for Sportsbooks
In the heart of America's most anticipated sporting event, the Super Bowl, an unprecedented wave of online betting has surged, resulting in substantial losses for sportsbooks. With notable figures like Drake placing hefty bets on the game's outcome, the stakes have never been higher.
The Super Bowl: A Gold Rush for Online Betting
The Super Bowl, an annual spectacle, has always been a magnet for bettors. This year, however, the online betting scene has exploded, with top sports betting sites like DraftKings, FanDuel, BetMGM, and Caesars Sportsbook offering enticing promos for Super Bowl 2024. These offers include 'bet and get' deals, first bet insurance, and specific promos such as the LBJ Replay Instant Bet Match on DraftKings and the Kick of Destiny contest on FanDuel.
New users are not left out of the frenzy, with welcome offers such as betting $5 and receiving $200 in bonus bets. The surge in online betting is further fueled by high-profile bettors like Drake, who placed a staggering $1.15 million bet on the Kansas City Chiefs to beat the San Francisco 49ers, potentially winning $2.346 million.
The Drake Curse: Myth or Reality?
Drake's betting ventures have sparked conversations around the 'Drake curse,' a supposed jinx on teams and athletes he supports. Despite his previous unsuccessful bets on other sports events, Drake's influence on the betting scene is undeniable. The sheer volume of bets on the Super Bowl, estimated at $23 billion, underscores the game's significance in the American betting landscape.
Online Betting in North Carolina: A New Frontier
Following the Super Bowl in Charlotte, North Carolina, online interactive sports betting is set to launch, with an estimated $23.1 billion to be wagered on the game. Several sports betting service providers have expressed interest in creating sportsbooks, potentially partnering with local pro-sports arenas. State officials can levy an 18 percent tax on sportsbooks, with estimates of over $100 million in tax revenue in the first five years.
Even in California, where sports betting restrictions are in place, residents can participate in Super Bowl online betting through offshore sportsbooks like BetOnline, which offers generous sportsbook bonuses. Despite DraftKings not being a permissible sportsbook in California as of February 2024, bettors have several options to place their bets on the Super Bowl and other sports events.
The Kansas City Chiefs' victory over the San Francisco 49ers, led by Patrick Mahomes, resulted in a big win for bettors over bookmakers. Despite some bright spots for bookmakers, such as futures bets on the Chiefs, the game was ultimately a bad result for sportsbooks due to the large majority of tickets and money placed on the Chiefs.
As the legal market for sports betting continues to grow, with over 80% of sports betting in the U.S. happening online, the surge in online betting for the Super Bowl is a testament to the shifting landscape of sports betting. With live betting options, player props, and Super Bowl MVP odds available, the excitement of the Super Bowl extends far beyond the final whistle.
This year's Super Bowl saw a significant rise in online betting, with many gamblers placing their wagers just before the game started. GeoComply, a company that tracks internet gamblers' locations, processed over 122 million verification checks, a 22% increase from last year. The company uses geolocation technology to ensure that gamblers are within the borders of states where online betting is legal.
The surge in online betting is attributed to the growing transition to the legal market, with sportsbooks suffering significant losses due to the game going into overtime and many bets being placed on the Chiefs to win. As the dust settles on this year's Super Bowl, the betting frenzy serves as a reminder of the power and allure of America's biggest sporting event.
