Superbowl Sports Betting Near $142 Million Milestone in NJ for Super Bowl 58

posted by Ioana
February 16, 2024

Superbowl sports betting in New Jersey soared to impressive heights during Superbowl 58, signaling a robust year for the state’s legal betting platforms. Data from the New Jersey Division of Gaming Enforcement highlighted that bets on Superbowl surged, with the total amount wagered reaching about $141.6 million. This figure represents a significant leap from the previous year, indicating the game’s strong pull among enthusiasts.

Moreover, the engagement spanned across New Jersey’s diverse betting landscape, encompassing 12 retail sportsbooks and 18 online apps. This widespread participation fueled a nearly 30% increase in the betting volume over the last year. However, despite the substantial growth and excitement around the event, the total betting handle fell just short of setting a new record. Yet, the numbers clearly reflect the ever-expanding universe of sports betting in New Jersey.

Super Bowl 58 Victory for Kansas City Spells Success for New Jersey Sports Betting Fans

Superbowl sports betting in New Jersey reached a fever pitch during Kansas City Chiefs’ thrilling overtime victory against the San Francisco 49ers. The tense 25-22 score, not only thrilled fans but also brought a windfall for NJ bettors.

Reflecting on the past, Super Bowl odds 2023 had significantly influenced betting behaviors, laying the groundwork for the heightened activity seen in Super Bowl 58. Betting volumes soared by 30% over the previous year, jumping from $109.3 million in 2023 when the Chiefs narrowly defeated the Philadelphia Eagles.

Furthermore, the best bets SuperBowl turned the tables in favor of the underdog Chiefs, who were at +1.5 in terms of 2024 Superbowl odds. They clinched the win in an electrifying overtime showdown, keeping the total score below the expected 47.5 points. This dramatic finish hit the bookies hard, with New Jersey sportsbooks paying out nearly $133.1 million on Superbowl 58 wagers.

Amidst the fervor of Superbowl Sunday events, the community’s engagement with the game highlighted the energetic sports culture. Consequently, the Superbowl sportsbetting revenue for operators was pinned at just $8.5 million, as reported by state regulators.

2024 Super Bowl Marks Recovery Following 2023’s Dip

In 2024, New Jersey’s Superbowl sports betting saw a significant upturn, with wagers exceeding $109.3 million. The numbers show a notable rise from 2023’s $109 million, as reported by the Division of Gaming Enforcement. This was a marked improvement from the previous year when interest seemed to wane even though the local favorite, the Philadelphia Eagles, was playing.

The betting scene has witnessed its highs and lows, peaking at $143.7 million in 2022, fact that shows the unpredictability of the game. Despite the fluctuations, New Jersey’s sportsbooks have consistently found profitability. However, maintaining the 7% standard hold rate on bets has presented challenges in four out of the six Super Bowls since the legalization of state-by-state betting in 2018.

Profit margins for operators dropped to $12.8 million in 2023, showing the fluctuating nature of Superbowl sports betting. Yet, the steady bettor interest, evidenced by past years’ profits of $8.9 million, highlights the continuous attraction to the Super Bowl. This trend confirms the event’s ongoing significance in the betting world, despite the ups and downs in revenue.

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