Super Bowl Gives Online Sports Betting its 1st Big Workout
Many football fans across the United States were able to bet legally on the Superbowl for the first time with the legal betting spread from Rhode Island to Las Vegas.
Last Sunday’s big game was a test for the States with legal sports betting (Nevada, Pennsylvania, Delaware, New Mexico, Rhode Island, West Virginia, New Jersey and Mississippi); states that opened-up after the U.S. Supreme Court struck down a ban on sports betting. Moreover, it was an even bigger test for the three states with legal online sports betting in the United States; (West Virginia, New Jersey and Nevada).
Betting Industry Experts Crunch the Super Bowl Numbers
As fans of the New England Patriots prepared for their Super Bowl victory parade, details emerged regarding the results of the online sports betting revolution in the U.S and the Super Bowl’s role in it.
The good news is that were no reports of servers slowing with the crush of online betting action. Online sportsbooks were ready for the biggest betting day of the year and online betting platforms stood up to the pressure across the U.S.
Beginning with New Jersey (NJ), 888 online sportsbook in NJ and other NJ online sportsbooks reported big business. Figures released last week show that sports bettors placed $39.5 million worth of wagers (both land-based and online) with the legal NJ sportsbook operators; gambling operators lost as much as $4.6 million. Many sports bettors placed their wagers on the Patriots, who beat the Rams 13-3 and covered the spread of 2-1/2 points.
In Nevada, sports betting enthusiasts made almost $146 million worth of legal wagers — approximately 9 percent less than the 2018 Super Bowl — while sports betting aficionados in Mississippi laid down approximately $4.6 million. Clearly, many bets placed on the Rams in those two states, as gambling operators reported profits.
Sunday’s low-scoring game Sunday also meant there were fewer in-game bets, such as points scored each quarter. These bet types can usually produce up to 70% of the total bet amount as evidenced in higher scoring Super Bowls in previous years.
The Online Numbers and their Importance
A clear picture of the online sports gambling handle, wins-and-losses is yet to be released, however, we see that the existing data supplies some trends.
FanDuel reportedly finished on the losing end, amounting to losses $5 million. DraftKings paid out approximately $11 million in online Super Bowl bets, with a total loss reported in the low seven figures. However, those numbers bear further analysis, DraftKings cofounder Matthew Kalish explained;
“If we can get a great turnout for the Super Bowl, we feel like we’ll be able to retain those customers, keep them with DraftKings over the long term. This is the best excuse people have to sign up for an account.”
In the many states where online sports betting is not yet legal, DraftKings introduced to itself to potential future customers through a free contest by which online players could possibly win real money based on the Patriots and Rams scores at the end of each quarter — legal in many states as people had no requirement to pay to play.
With the NFL finished for another season, online sports bettor’s thoughts are shifting to baseball. We can’t wait to see of the online sportsbook’s innovations for the upcoming MLB season, and to watch online sports betting’s exciting evolution.