11 Feb 2024

'Records will be set': Americans bet big on Super Bowl 58

3:53 pm on 11 February 2024
Kansas City Chiefs quarterback Patrick Mahomes

One punter has placed $1 million on the San Francisco 49ers beating the Kansas City Chiefs. Photo: PHOTOSPORT

The sports gambling industry is preparing for a record-breaking inflow of money as Americans bet on Sunday's Super Bowl in Las Vegas.

A record 67.8 million American adults are expected to bet a combined $23.1 billion on the matchup between the Kansas City Chiefs and San Francisco 49ers, the American Gaming Association said this week.

So far, the highest wager at Caesars Palace in Las Vegas is $1 million towards the San Francisco 49ers beating the Kansas City Chiefs, according to Caesars Sportsbook Assistant Director of Trading Adam Pullen.

"They're very passionate about their teams, the Bay Area fans, and they come over and they use their passion at the betting windows," Pullen said.

"You might get more people that maybe wouldn't bet, are going to throw a bet down, just because everybody knows it's here. So, yeah, records will be set."

The number of American adults planning to bet on the NFL's title game is up 35% from a survey conducted last year by the trade group representing the U.S. casino industry, while the estimated value of wagers is well up from $16 billion last year.

With the expansion of legal sports betting, the AGA said traditional Super Bowl wagers are expected to pass casual wagers for a second consecutive year.

According to the AGA, 42.7 million American adults plan to place a traditional sports wager online, at a retail sportsbook or with a bookie, up 41% from 2023, while 36.5 million plan to bet casually with friends, up 32% from 2023.

The AGA also said bettors are nearly split on the outcome of the game, with 47% planning to bet on the defending champion Chiefs and 44% planning to bet on the 49ers.