Super Bowl expected to break online gambling records

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Americans have turned to underground bookies and overseas platforms to bet on big games for decades, but this year a record 7.6 million Americans are expected to bet online when the Kansas City Chiefs face off against the Tampa Bay Buccaneers in Super Bowl LV, according to the American Gambling Association.

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The coronavirus pandemic is cutting into in-person gambling, as many sportsbooks are shut down and fewer people will participate in workplace betting pools.

23.2 million Americans are expected to place bets on the final NFL game of the year, down 12% from last year, and $4.3 billion is expected to be wagered, which is down 38%, according to the AGA.

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The 7.6 million Americans who will place their bets online represents a 63% increase from last year, which is largely due to the increased adoption of legal betting throughout the United States. 25 states and Washington, D.C. have now legalized sports gambling.

“This year’s Super Bowl is expected to generate the largest single-event legal handle in American sports betting history,” AGA President and CEO Bill Miller said. “With a robust legal market, Americans are abandoning illegal bookies and taking their action into the regulated marketplace in record numbers.”

Super Bowl LV is sure to be a good one, with 25-year old Patrick Mahomes' Chiefs battling 43-year-old Tom Brady's Buccaneers.

The Chiefs are currently slight favorites, with the line hovering around -3 in Kansas City's favor.

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According to a Morning Consult survey conducted for AGA, 56% of Americans are placing their money on the Chiefs, while 46% are trusting their money with six-time Super Bowl champion Tom Brady.

The sports gambling industry is becoming more lucrative as states continue to legalize operations, with consulting firm VIXIO estimating in a report this month that the industry could be worth $7.3 billion to $10 billion in total revenue by 2025.

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