Super Bowl LVIII Bets To Reach Whopping $23.1 Billion But Mostly Through Illegal Channels, Says Report

As Super Bowl LVIII approaches, an unprecedented surge in betting activity is anticipated, with estimates suggesting that a staggering $23.1 billion could be wagered on the event.

This figure represents a significant increase from last year's total, highlighting the growing appeal of sports betting in the U.S.

The American Gaming Association has unveiled projections indicating that nearly 67.8 million American adults are poised to place bets on the upcoming Super Bowl.

This demographic encompasses more than a quarter of the nation's adult population, underscoring the widespread enthusiasm for the event, The Street reported, highlighting the significant uptick in betting activity.

The legalization of sports betting in 39 states following the repeal of a federal ban in 2018 has catalyzed this growth.

However, despite the legal avenues available, a substantial portion of the $23.1 billion in bets is expected to be placed through illegal channels.

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Official estimates suggest that only about $1.5 billion will be wagered legally. Experts attribute the persistence of the illegal betting market to several factors, including the absence of legal sports betting options in critical states such as California and Texas. Additionally, many bettors prefer the anonymity and tax evasion opportunities illegal betting offers.

Chris Grove, a partner at Eilers & Krejcik Gaming and a recognized authority on sports betting, expressed optimism about the future of the regulated market. He acknowledged the challenges posed by the illegal market but suggested that the benefits of legal betting would eventually attract more participants.

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This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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