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In the United States, legal sports betting is predicted to produce $1.76 billion in bets for the upcoming Super Bowl between the Seattle Seahawks and the New England Patriots. This was made public by the American Gaming Association (AGA) on Friday (30) and indicates a rise of almost 27% from last year.
This championship game, scheduled for February 8, will be held in Santa Clara, California, and is one of the largest betting events of the year for the United States.
According to the American Gaming Association, this rise is because of the expansion and strength of sports betting regulation in the United States, which is now under the supervision of state and tribal authorities.
“No other sporting event unites fans like the Super Bowl, and this record figure shows how sports betting is something Americans really enjoy as part of the experience”, said Bill Miller, President and CEO of the AGA, as stated officially.
Market Expansion Following Landmark Court Decision
This substantial rise in betting activities is a result of the U.S. Supreme Court ruling from 2018, which lifted the federal ban on sports betting in the United States.
Due to this, currently, there are 38 states and the District of Columbia that offer legalized sports betting, thus contributing to the rising financial volume of the market.
“By betting with legal and regulated sportsbooks, fans not only have fun but also support a safe and responsible market”, said Miller.
Concerns Over Consumer Protection in Prediction Markets
In conjunction with the betting forecast, the AGA has published a new study revealing some of the concerns they have about prediction markets, which encourage sports betting as an investment rather than an entertainment activity.
According to this study, 78% of sports event contracts used by sports gamblers are unaware that they can seek help from state regulators in case of disputes, as these sports event contracts are conducted completely out of the control of state regulators.
In addition, users of prediction markets are three times as likely as sports gamblers to consider sports betting an investment. In fact, 28% of prediction market users consider sports betting an investment, while only 9% of sports gamblers consider it an investment.
Limited Access to Responsible Gambling Tools
This study also revealed some differences in terms of responsible gambling tools. For instance, while 58% of regulated sportsbook users found responsible gambling tools easily accessible on sportsbooks, only 28% of prediction market users found responsible gambling tools easily accessible on prediction markets.
This week, Legal Sports Report, in association with Sports Betting Alliance, published a similar forecast, which projected that there will be a total of $1.71 billion in lawful wagers on the Super Bowl in the United States.
A High-Profile Matchup in a Traditional Betting Hotspot
This game pits two of the most storied franchises in the NFL against each other. The Seattle Seahawks are making their first appearance in the Super Bowl since 2015, while the New England Patriots are seeking their seventh championship, which would give them a record in NFL history and their first since 2019.
The location for this event is Santa Clara, California. The AGA event has been a major catalyst for sports betting activities over the years. However, there are no estimates on the possible illegal betting activities that may also take place during this event.
Source: BNL Data
