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Will Super Bowl 56 Betting Revenue Eclipse $8 Billion In 2022?

Super Bowl 56 betting revenue increasing to 8 billion in 2022

Anyone that has been paying attention to professional or college sports in the USA over the past 12 months has likely seen advertisements for either the legalization of domestic sports betting or sportsbook promotions in states where retail operations are already regulated.

Sports betting revenue reports for each state have shown significant increases across the board during the last calendar year, and with sportsbooks entering the realm of mainstream media, there’s every reason to believe that the trend will continue in 2022.

States like Louisiana, Maryland, and Arizona are just beginning to experience the additional tax revenues that sports betting provides, and with Super Bowl 56 occurring this Sunday, February reports are expected to be some of the largest on record for many regions.

Many studies have been issued suggesting the total amount of dollars spent betting on Super Bowl LVI at domestic sportsbooks within the United States will approach $8 billion.

In addition, 34% of Americans are expected to place a wager on Super Bowl 56 via a state-regulated NFL betting option using a gambling app, desktop site, or at an in-person location.

Now consider that some of the largest and most populated states in the USA do not allow for domestic sports betting. These regions include Texas, California, and Florida.

Florida sports betting has been made legal by the state legislature, but lawsuits directed at the designated sportsbook operators – the Seminole Tribe of Florida – have derailed operations until the litigation is resolved.

In those three states alone, imagine what will be spent on betting on the Super Bowl at offshore sportsbook sites?

While there is no active trackers available for the revenue spent at international sportsbook sites, there have been estimates that north of 90% of all US sports betting dollars are spent offshore.

Let’s taper that number down to a more reasonable 66%, 2/3 of all US sports betting action. That suggests a low end of nearly $24 Billion in bets on the Super Bowl this year at overseas sportsbooks.

There are several factors in play that make offshore Super Bowl betting more attractive to US customers. For starters, they accept members at the age of 18 across almost all US states, whereas most domestic books require that bettors be 21 years old.

There are also many regions that have opted to only allow for in-person sports betting at physical locations which require customers to travel. All offshore sports betting options are online and can be accessed using laptops, PCs, smartphones, and tablets from anywhere with a WiFi, cellular, or ethernet connection to the web.

Want to bet on sports with cryptocurrency? Domestic betting sites aren’t on board yet, but at international sportsbooks, it is the monetary option of choice.

In regard to the Super Bowl, in particular, it is the largest single betting event of the year. Because so many gamblers intend to wager on the big game, sportsbooks produce as many lines as possible to entice additional revenue.

Super Bowl prop bets are some of the most popular wagering options on the boards and allow for gambling on the entire game including the coin toss, halftime performance, National Anthem, and more.

Prop bets for Super Bowl LVI will be produced in a much higher volume at offshore sportsbooks than at their domestic counterparts, and is just one more reason that their odds should be shopped for the final game of the NFL season.

CNBC

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