How Rupert Murdoch Changed Sports Media Forever
Super Bowl LVI in Los Angeles is projected to be the most heavily bet-on game ever, with an estimated $7.61 billion to be wagered on Sunday — a 78% increase from last year, per the American Gaming Association.
The Big Game has attracted an abundance of bettors with two teams — the Los Angeles Rams and Cincinnati Bengals — that haven’t come close to reaching the pinnacle of professional football in decades.
- 31.4 million Americans plan to bet on the game, up 35% compared to last year.
- Only 20 states offered legal betting for Super Bowl LV, compared to 30 in 2022.
- In 2021, the U.S. accepted $60 billion in wagers with $4.29 billion in tax revenue generated.
A highly anticipated Super Bowl comes on the heels of record results in New York, which launched online sports betting on Jan. 8. The Empire State reported a handle of more than $1.62 billion in January, topping the single-month record for any state in less than four weeks.
Commercial Value
Several sportsbooks are expected to air commercials during Super Bowl LVI, a move that signifies the NFL’s changing stance on legal sports betting. The cost of an ad could go for as much as $7 million for a 30-second spot, representing the largest ad spot of its kind to date.
The high marketing costs for sportsbooks has caused Wynn Resorts to try to offload its online betting unit, Wynn Interactive, for $500 million after receiving a $3 billion valuation in 2021.
