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‘It all makes sense’: Las Vegas Super Bowl produces record-breaking betting handle

Updated February 13, 2024 - 11:17 am

The historic first Super Bowl in Las Vegas produced an historic betting handle, or amount wagered, on the game.

Nevada sportsbooks took in $185.6 million in bets to break the state record for Super Bowl wagering handle, surpassing the previous mark of $179.8 million set in 2022, according to figures released Monday night by the Gaming Control Board.

“I believe it all makes sense,” Westgate SuperBook vice president Jay Kornegay said. “The first Super Bowl hosted in Las Vegas should break the record.”

The Kansas City Chiefs rallied for a 25-22 upset win over the San Francisco 49ers in overtime as 2-point underdogs at Allegiant Stadium on Sunday for their second straight Super Bowl title and third in five years.

“The wagering on the Super Bowl delivered an all-time record and definitely met our expectations,” said Michael Lawton, NGCB senior economic analyst. “The drivers for this year’s totals included the matchup having a West Coast team from the No. 2 feeder market for Las Vegas, the defending champions and, of course, the game being played in Las Vegas at Allegiant Stadium.”

Nevada’s 182 sportsbooks won $6.8 million on the game for a hold, or win percentage, of 3.7 percent. It was the fourth-lowest win percentage for the books in the past 10 years, as the betting public was all over the Chiefs and won millions on the overtime prop, at 9-1 odds, for only the second time in Super Bowl history.

The handle shattered last year’s mark of $153.2 million by $32.4 million, a 21.2 percent increase.

“The way that the early wagers were coming in, and we were already seeing six-figure wagers two weeks out, I really felt it was going to break the record,” Red Rock Resort sportsbook director Chuck Esposito said. “There was just a different feel with the game being here from the crowds and the atmosphere in every one of our books.

“It goes hand in hand with what we see with Knights, Raiders and Aces games, and NASCAR and Formula One, and prizefights and UFC. When they’re here, the handle on any of those events is always the highest.”

Five of the eight $1 million bets reported on the game nationwide were placed in Las Vegas: three at BetMGM ($1.1 million on Chiefs +2, $1.1 million on 49ers -2, $1 million on 49ers money line -130) and two at Circa Sports ($1.1 million on 49ers -1½, $1 million on Chiefs +2).

“The Nevada Gaming Control Board congratulates and thanks all the stakeholders involved for successfully delivering such a spectacular event from the state of Nevada,” NGCB chairman Kirk Hendrick said in a release.

Contact reporter Todd Dewey at tdewey@reviewjournal.com. Follow @tdewey33 on X.

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