It is no surprise that many see the Super Bowl LV as one of the most anticipated events in the country. Some say this is one of the most significant media draws ever.
Well, at least in the history of televised sports in the United States. As expected, such a high-profile event has sparked a massive wave of legal bets.
According to estimates, over 23 million people placed bets on either opposing team[1]. Whether they support the Kansas City Chiefs or Tampa Bay Buccaneers doesn’t matter. Many sports fans decided to gamble. The bets generated over $4 billion in value. This is significant, considering legal sports bets are recent in the United States.
Sports bets have been a mainstay in several European countries and elsewhere worldwide. Still, the US is a newcomer. Nevada was the first place that allowed people to bet on sporting events. It was the only state where people could bet by law before 2018
That year marked a pivotal turning point. The US Supreme Court struck down an outdated federal statute and ruled it unconstitutional. The latter is known as the Professional and Amateur Sports Protection Act, or PASPA, of 1992.
At its core, the statute choked legal and regulated sports betting throughout the United States. It solely allowed Nevada to have a legal sports betting system. Things are very different right now. Legal bets are accessible and available to the public in 20 US states.
Many more are expediting the process of legalizing sports bets. Some industry insiders think that legal sports bets will be nationwide in only a few years. Legal bets have already generated billions in income. A year after legalization, bets generated about $13 billion. In 2020, the industry skyrocketed to a whopping $21 billion and counting[2].
The state of Nevada remains one of the best-known places for bets and gambling. However, it might be surprising to hear that it is, in fact, no longer the “capital” of legal sports bets. The state of New Jersey holds a new record, counting over $6 billion in bets the previous year alone[3]. Compared to $4.3 billion in Nevada, according to sports betting expert Darren Rovell.
JUST IN: New Jersey throttles Nevada in sports betting handle this year.
— Darren Rovell (@darrenrovell) January 28, 2021
$6 Billion Bet in New Jersey
$4.3 Billion Bet in Nevada
NJ beats Nevada every month in 2020.
Many sports and gambling experts also claim that the COVID-19 pandemic might have played a significant role in the massive boost in bets. Considering that most people have spent considerable time indoors, the opportunity to bet on games offers a more immersive and involved experience. It allows people to feel more engaged than experiencing a sporting event as a passive observer on their screens.
Additionally, the Internet, mobile apps, and digital technologies have made bets more accessible. Gamblers do not need to get to a casino or a bets center. They can seamlessly process their bets and run their accounts from the comfort of their homes.
Today, there are many types of gamblers and betting enthusiasts. Some are serial betters looking at gambling as a true profession. Still, the vast majority bet for fun. If that’s your case, it is essential to bet wisely! As they say, do not “bite more than you can chew.”
In legal sports bets, you should only bet as much as you are willing to lose. Don’t go overboard; remember that you can deeply minimize your risks if you set a budget for your bets and stick to it wisely. As mentioned earlier, betting is incredibly accessible and as easy as using an app or a browser from home.
With such ease of use, pushing yourself out of your budget is tempting. Still, remember to bet responsibly and stick to the plan to avoid going in the red. Sure, risk-takers who made the right bets made millions, but it’s easier said than done. Think of it as entertainment instead of bets being an investment.
Start with having some fun and safeguard your money by limiting your losses. It’s important to remember that experienced gamblers aren’t just die-hard sports fans. They’re true data hounds who know how to read numbers, analyze predictions and quantify all analytics and statistics for them to make.
The best possible choice. Looking at the most successful gamblers, you’ll likely see very analytically-minded, cool, and collected people. These individuals don’t bet based on passion and emotion, nor due to a desire to support their favourite teams. They make an informed decision based on extensive research and strategizing.
If you think you or someone you know might be having a gambling problem, seek help. the National Council on Problem Gambling offers a support hotline by phone or text at 1-800-522-4700, as well as chat support at ncpgambling.org/chat.
