When the Eagles play the Chiefs in Super Bowl LVII on Monday February 13, Australian time, the only clear winner will be online gambling, with a predicted US$1.1 billion flowing through sites and apps – a 16 per cent increase on last year.
Set to be the most bet-upon sporting event in US history, there are several factors behind this projected increase. One is that sports betting is now legal in several states (33 now in total) where it previously wasn’t.
Also, major players in online gaming in the US such as DraftKings Inc and Flutter Entertainment, as well as casinos like Caesars Entertainment Inc and MGM Resorts International, co-owner of the BetMGM app, are regular fixtures at sporting events and broadcasts, calling on celebrity names like Jamie Foxx and Kevin Hart to spruik their services.
Experts predict that, like in Australia, there will be plenty of ads during the game to convince viewers to download apps and get gambling.
But not everyone is happy about it. In November, California voters beat two ballot propositions to legalise sports betting there. Texas have also held out so far, though legislators are believed to be looking into it.
While online sports betting was welcomed eagerly in the US financial market, it seems to be cooling, with DraftKings stock price down 76 per cent from its mid-pandemic high.
In Australia, the online gambling market reached around $5.8 billion in 2021, with the Australian Communications and Media Authority reporting that 11 per cent of Aussies participated in online gambling at some point in the six months prior to September 2022.
