Super Bowl LIX had different impacts on sportsbooks across various states. While many sportsbooks made a lot of money, those in Pennsylvania reported a loss of $6.5 million. This happened even though a record $101.5 million was bet on the game in Pennsylvania, which was a 20.4% increase from the previous record.
The Pennsylvania Gaming Control Board said this loss was mainly due to a large number of bets on the Philadelphia Eagles, who won the game. Data from ESPN BET showed that 73% of bets and 79% of the money wagered on the Super Bowl winner in Pennsylvania were for the Eagles, which is much higher than the national average. Bets on Eagles players also contributed to the sportsbooks’ losses.
Superbowl Lost Betters A Lot of Money
In contrast, other states had much better results. New York reported a net win of $47.4 million, boosted by $154.9 million in total bets, marking a significant increase from last year’s Super Bowl. New Jersey also did well, nearly tripling its profits to $25.2 million with a handle of $168.7 million. Nevada, while seeing a decrease in overall bets from the previous year, still achieved a record net win of $22.1 million, with a hold percentage of 14.6%. These successful outcomes stood in stark contrast to Pennsylvania’s losses.
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This situation shows how local team loyalty affects betting habits. In Pennsylvania, most bets were on the Eagles, demonstrating how strong local support can hurt sportsbooks’ profits. On the other hand, states like New York, where the winning team didn’t have many local fans, enjoyed significant gains. The differences in betting behaviors between Pennsylvania and Kansas, where fewer bets were placed on the Eagles, highlight this point.
National trends from Super Bowl LIX betting also emerged. FanDuel reported a record number of bets on its platform, indicating overall increased betting activity for the Super Bowl. The data suggests that high betting volumes are linked to the profitability of sportsbooks, especially in states without strong local support for the winning team. The impressive hold percentages in New York (30.6% overall, 31.7% excluding futures) and New Jersey (nearly 18%) support this trend.
In contrast, Pennsylvania’s lower hold percentage and resulting loss show how a lot of winning bets on the local team can negatively affect profits for sportsbooks. This indicates that while high betting volume is good, the game’s outcome and which teams are favored play a crucial role in determining sportsbooks’ profitability.
Source: NBC Sports
Published: Feb 14, 2025 03:09 pm