Super Bowl betting in 2019 told different stories for sportsbooks in New Jersey and Nevada. The sportsbooks on the east coast saw heavy sports betting action on the winning New England Patriots. The west coast sportsbook operators saw more balanced action with more Los Angeles Rams bets than their east coast brethren.
New Jersey Super Bowl revenue
The New Jersey Division of Gaming Enforcement (NJDGE) announced preliminary wagering revenue for the 2019 Super Bowl on Monday. The NJDGE will have official wagering information when they release the usual monthly reports later in February. The first Super Bowl for New Jersey sportsbook operators was a losing proposition.
Brick and mortar casinos in Atlantic City and Horse Tracks around the state along with mobile sportsbooks took $34,894,900 in wagers. They paid out a total of $39,469,147 from those wagers. In total New Jersey sportsbook operators lost $4,574,247 or 13 percent from wagers on the Super Bowl.
FanDuel Sportsbook estimates that it had a net loss of around $5 million on Super Bowl bets. That number included free bets, which accounted for a “significant” percentage of the losses, according to Legal Sports Report.
DraftKings Sportsbook paid out about $11 million to customers after the Big Game and lost more than $1 million.
Both sportsbooks had a similar amount of money wagered on the Patriots. A little more than 68 percent of money wagered on both the point spread and moneyline at DraftKings was on the Patriots. FanDuel saw even more action on the Patriots with approximately 75 percent of the action on the Super Bowl winner.
East coast sports bettors bet on the east coast team to win the Super Bowl. This isn’t too much of a surprise given the anecdotal evidence of regional sports bettors favor local teams. Next year already seems to be lining up to have a similar result for DraftKings in New Jersey. The most popular NFL futures to win the 2020 Super Bowl are:
- New York Giants
- Philadelphia Eagles
- New England Patriots
If the Giants somehow win the Super Bowl next year, DraftKings will already be behind the eightball paying out futures wagers that are currently at 33-1.
Nevada Super Bowl revenue
Nevada sportsbook operators had a much better result after the Super Bowl even though total handle was down from last year. According to the Nevada Gaming Control Board, sportsbooks around the state took in $145,939,025 in wagers. Sportsbooks won $10,780,319 for a hold of 7.4 percent.
The handle on the 2019 Super Bowl was lower than the record $158,586,934 wagered on the Big Game last year. This is the first year in at least 11 years that the amount wagered on the Super Bowl hasn’t increased in Nevada.
Even with the lower handle on the Super Bowl, most sportsbooks came out a winner. According to ESPN’s David Purdum, Caesars Entertainment (NV only), CG Technology, MGM Resorts International, South Point, Station Casinos, Westgate and William Hill (NV only) had a winning Super Bowl.
One thing to remember is that futures bets are included in Super Bowl revenue reports. Since the Patriots were among the favorites all season the sportsbooks didn’t have a big payout for futures. This helped fuel the bottom line win for Nevada sportsbooks. New Jersey sportsbooks didn’t have as much time to collect futures so they didn’t have as much potentially profitable revenue to offset their losses.
While the overall results seem positive, the lack of another record-breaking handle is surely a disappointment. As soon as the Super Bowl matchup was made sportsbook operators told the Las Vegas Review-Journal that they expected another record handle this year.
Lead image via FanDuel