Record Amount of Money Wagered on Super Bowl in Nevada

The Nevada Gaming Control Board announced that Super Bowl XLVII created a record handle in Nevada.  The handle is the total amount wagered on the event.  According to a press release from the Nevada Gaming Control Board, the state’s sports books wrote $98,936,798 worth of tickets on the event.  They won a combined $7,206,460 with a hold of 7.3%.

Reports are that the sports books in Reno fared much better than the Las Vegas sports books.  That was due to the number of San Francisco 49ers bets that were placed by bettors traveling to Reno to place their wagers.

The previous record handle in Nevada was $94,534,372.  That number occurred seven years ago.  That was when the Pittsburgh Steelers beat the Seattle Seahawks.  Sports book won a total of $8,828,431 in that contest.  The record win was in 2005 when the Philadelphia Eagles covered the spread against the New England Patriots.  Nevada sports books won a combined  $15,430,138 with a hold of 17%.  The state’s sports books have only posted one loss in the past ten years on the Super Bowl.  That was when the New York Giants upset the then undefeated New England Patriots in 2008.

This win does not include the peripheral income generated by sports bettors.  Many of these players stayed in the state’s hotels over the weekend and spent money on other items such as food and entertainment.  These bettors were also likely to gamble on other sporting events over the weekend and play in the casinos.  In fact, sports books are often near break even operations for Nevada casinos.  They provide a draw to bring players into the casino who may spend money at more profitable operations within the property.

Total Worldwide Sports Book Win

Nevada only books about 1% of the world’s action on the Super Bowl.  An estimated $10 billion was wagered on this event in other countries with legalized sports betting, in Delaware (the only other US state with legal NFL betting), with offshore sports books and illegal neighborhood bookies.  If we assume that all of these other sports books had the same hold that Nevada sports books had, then $10 billion would create a net profit of about $720 million combined for all legal and illegal sports betting operations around the world.

Slow Time for Sports Books

The week after the Super Bowl is a time of mass exodus for sports books.  Many bettors only play football or even just the NFL.  These players will withdraw their money and not come back until September.  There is only one major event for the sports books between now and then.  That event is college basketball’s March Madness.

This can cause delays in withdrawals for players waiting on their Super Bowl win from offshore sports books.  This is especially true for US players betting offshore.  If you are waiting on winnings from a US facing offshore book then you will probably need to have some patience.  It is hard enough to process payments in the US.  That is especially true in the weeks following the Super Bowl due to the high volume of withdrawal requests.

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