The inaugural Super Bowl held in Las Vegas proved to be a monumental success. Not only did the thrilling showdown witness the Kansas City Chiefs clinching victory over the San Francisco 49ers in overtime, but it also showcased the glitz and glamor synonymous with Vegas. CBS Sports’ broadcast of the event even became the most-watched program in television history.
In fitting fashion for its Vegas debut, the game also made betting history. According to the Nevada Gaming Control Board (NGCB), Nevada sportsbooks shattered the state’s Super Bowl wagering record, with a staggering $185.6 million wagered on the game. This figure surpassed the previous record of $179.8 million set in 2022.
NGCB’s senior economic analyst Michael Lawton remarked, “The wagering on the Super Bowl delivered an all-time record and definitely met our expectations. The drivers for this year’s totals included the matchup having a West Coast team from the No. 2 feeder market for Las Vegas, the defending champions and, of course, the game being played in Las Vegas at Allegiant Stadium.”
Despite the hefty bets, Nevada sportsbooks recorded an average win percentage of 3.7%, the fourth-lowest in the past decade. Notable wins for the betting public included the overtime prop bet, with odds at 9-1, and the Chiefs, who closed as 2-point underdogs despite their status as defending champions with Patrick Mahomes. Approximately 71% of the money wagered against the spread favored the Chiefs, according to Action Network.
It’s common for sportsbooks to profit from the Super Bowl, with only two instances since 1991 where the public emerged as winners, as noted by gambling reporter Ben Fawkes.
Las Vegas has solidified its status as a sports hub, culminating in hosting Super Bowl LVIII. Over the past year, the city has hosted various major sporting events, including a Stanley Cup Final, WNBA Final, Formula 1 race, and UFC fights, all contributing to the state of Nevada’s gambling revenue.
The significant surge in sports betting for the Super Bowl in Nevada, with a 21.2% increase from 2023, signals the likelihood of future Super Bowl events returning to Vegas.
