Super Bowl LVI Betting Expected to Top $7.6B, Legal Sportsbooks Gain Favor
Posted on: February 8, 2022, 10:27h.
Last updated on: February 8, 2022, 11:20h.
The odds are good that this Sunday’s Super Bowl LVI will be the most legally bet NFL game in US history. That is, of course, because of the continued expansion of legal sports betting states, which numbers 30 plus DC ahead of the big game between the Cincinnati Bengals and Los Angeles Rams.
The American Gaming Association (AGA) commissioned Morning Consult to survey US adults to gauge their interest in Super Bowl LVI and their betting activities. The review, which included a national sample of 2,212 adults, concluded that a record 31.4 million US adults will have some sort of action on the Bengals and Rams showdown.
Approximately $7.61 billion is likely to be wagered on Super Bowl LVI. That figure would represent a record high, and a $3.33 billion increase — or 78 percent jump — on last year’s Super Bowl.
“Americans have never been more interested in legal sports wagering,” concluded Bill Miller, AGA president and CEO.
The Rams, playing in their home SoFi Stadium, are favored by 4.5 points. The latest consensus moneyline is Los Angeles -195, and Bengals +165. A winning $100 bet on those lines nets $51.28 and $165.
Legal Outlets Growing
Sports betting has only recently become legal in much of the nation, but wagering on the Super Bowl is a long-cherished pastime for many.
The continued expansion of legal channels is being embraced by the public, said Miller. The AGA contends that the vast authorization and regulation of sports betting in the US is taking its toll on underground, illegal markets.
The growth of legal options across the country not only protects fans and the integrity of games and bets, but also puts illegal operators on notice that their time is limited,” Miller said.
The AGA Super Bowl poll found that 76 percent of US adults find it important to bet through a legal operator. That rate is up 11 percent from a similar survey conducted by Morning Consult for the 2021 Super Bowl.
NFL Playoffs Build Excitement
Super Bowl LVI doesn’t have a globally recognized headliner, such as Tom Brady, Patrick Mahomes, or Aaron Rodgers. The game instead features Rams veteran QB Matthew Stafford taking on the Bengals’ Joe Burrow, a rising star in the league who might just be the next best thing under center after Brady, Mahomes, and Rodgers.
Despite the big names out, Super Bowl LVI is expected to benefit from a wildly entertaining postseason that has garnered much enthusiasm for the title match. This postseason has featured two overtimes and five games decided by three points.
Many sports bettors are hoping for yet another fourth-quarter showdown that results in extra minutes. Caesars Sportsbook reports that after opening its overtime prop market at “yes” +1100 and “no” -2500, a flurry of activity on the game going into OT has shortened the line to just +750/-1200.
“With ‘yes’ being such a big price, people will gravitate to that and create liability, which is why those odds have gone down,” explained Craig Mucklow, Caesars Sportsbook vice president of trading. “People just want the lottery ticket payout. It’s [usually] the coin toss and not overtime that has the highest handle for the general level props, because there’s no juice and they want a good way to start the game.”
As for the coin toss — heads and tails each priced at +100 — Caesars reports that 55 percent of the handle so far has been on tails.
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