How Will New Markets Fair With First-Time Super Bowl 58 Betting?
This Super Bowl, several new markets will host Big Game betting for the first time. Super Bowl 58 is projected to be the most wagered-on sporting event ever, with the American Gaming Association (AGA) estimating $23.1 billion in wagers. Kentucky, Vermont, and Florida will host Super Bowl odds for the first time. How much money could each new market bring in with Super Bowl 58 betting?
Super Bowl Betting Breakdown – Kentucky Could Hit $40 Million
Kentucky sportsbooks launched initially on Sept. 11, 2023, with online sportsbooks launching on Sept. 28. During the first month of activity, Kentucky reported close to $250 million was wagered on sports. The breakdown was $15.7 million from retail and $232.3 million from online sportsbooks.
“Kentucky is approaching $250 million wagered. That is a strong number that certainly reflects excitement for the opening of sports wagering,” said Andy Beshear, Kentucky Governor. “It has taken many years to get here, but sports wagering is finally a reality in Kentucky. This is a win-win for Kentuckians, who can enjoy a quality entertainment experience and benefit from funds staying right here in our state to help us build a better Kentucky.”
Kentucky surpassed initial projections for its betting market early on, largely thanks to NFL betting. With the Super Bowl, it would be no surprise that Kentucky could rake in its biggest betting weekend yet.
During last year’s Super Bowl, Kentucky’s neighbors in Ohio wagered nearly $100 million on the Big Game. Ohio has a population of approximately 8,757,219 residents over the age of 21, the legal betting age. While the exact amount of bettors that wagered during Super Bowl weekend is unknown, we can use Ohio as a reference point to compare the potential in Kentucky.
Kentucky’s legal betting age is set at 18 years old, and there are approximately 3,046,951 of those residents. If Ohio was able to rake in close to $100 million during their first Super Bowl betting weekend, Kentucky could likely see between $20 million and $40 million in wagers.
Vermont Super Bowl 58 Projections
Vermont sportsbooks went live on Jan. 11, 2024. We have yet to see how well the market has done since launching. However, Vermont is unlikely to see figures similar to Kentucky’s, with it being a much smaller market.
Not only does Vermont have fewer betting options since there are no retail sportsbooks, but it also only has a total population of 608,827. Those of the legal betting age (21+) account for 433,348 residents.
With less than a million legal bettors, it is hard to assume Vermont sees more than $3 million in Super Bowl wagers.
Florida Super Bowl 58 Projections- CAn Florida Surpass $100 Million
Florida sports betting apps returned on Dec. 7, 2024. Despite launching in 2021, sportsbooks were never live in Florida during a Super Bowl due to legal issues. This will be the first Super Bowl Floridians will have access to, and fans are expected to wager heavily.
At this point, Florida has yet to release sports betting figures to indicate the strength of the market.
However, Florida has a much larger wagering base than Kentucky and Vermont. There are approximately 17,082,510 residents over 21 in the Sunshine State. The economic impact of all casinos in Florida is $12.7 billion. This accounts for casino gambling, not sports betting.
Florida is a market with a strong gambling presence and a lot of legal-age residents. If Ohio saw nearly $100 million in Super Bowl betting, Florida could easily surpass that figure.