Super Bowl sports betting revenues surpass expectations

Sports Betting

Super Bowl 58 appears to have broken sports betting records − and not just because the game was played in Las Vegas.

Amid an ongoing boon in online sports wagering, millions of football fans placed bets from their phones and laptops on the Kansas City Chiefs’ 25-22 overtime win over the San Francisco 49ers on Sunday night, in addition to those who wagered in-person at sportsbooks in Las Vegas and other cities where sports gambling is now legalized.

While the specific size and scope of wagering around the Super Bowl was unclear as of Monday morning, some sports betting companies released data that points to a record amount of money changing hands because of Sunday night’s thriller.

FanDuel said in a news release that it took $14 million bets on the Super Bowl with a total handle of $307 million, both of which are Super Bowl records for the company. Those figures also mark a whopping 40% increase from last year’s game, when FanDuel saw nearly $10 million bets worth $215 million.

DraftKings and BetMGM were among the sportsbooks that did not immediately release figures for the number of bets placed and amounts wagered on their platform during the Super Bowl, though BetMGM released data showing that most sports bettors were favoring the Chiefs. According to the company, 74% of the total handle for the game was on the Chiefs to win, as well as 63% of the bets placed.

“It was a bad Super Bowl for the sportsbook,” BetMGM senior trader Tristan Davis said in a statement provided to media outlets. “Many bettors had the Chiefs winning and overs on popular player props.”