The first Super Bowl played in Las Vegas was a success. From the exciting finish that saw the Kansas City Chiefs rally to defeat the San Francisco 49ers in overtime to the pageantry that comes with Vegas, Super Bowl LVIII certainly lived up to the hype -- with CBS Sports' broadcast becoming the most-watched program in television history.
And with the game in Vegas for the first time, it only makes sense that betting history was also made. Per the Nevada Gaming Control Board, Nevada sportsbooks broke the state record for Super Bowl wagering with $185.6 million bet on the game, passing the mark of $179.8 million set in 2022.
"The wagering on the Super Bowl delivered an all-time record and definitely met our expectations," NGCB senior economic analyst Michael Lawton said, via the Las Vegas Review Journal. "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."
The Nevada sportsbooks won an average of 3.7%, the fourth-lowest win percentage for the books over the past 10 years. The big winners for the public were the overtime prop bet, which came in at 9-1 odds, and the Chiefs, as they closed as 2-point underdogs despite being the defending champions and having Patrick Mahomes. Approximately 71% of the money bet against the spread at sportsbooks was on the Chiefs, according to Action Network.
Sportsbooks making money on the Super Bowl is par for the course; since 1991, there have been only two Super Bowls where the public came out ahead, per gambling reporter Ben Fawkes.
Las Vegas has become the epicenter of the sports world of late, culminated with hosting Super Bowl LVIII. Over the past calendar year, Vegas hosted a Stanley Cup Final, WNBA Final, Formula 1 race, and UFC fights. Hosting those events has helped gambling revenue in the state of Nevada.
Nevada had a 21.2% increase in sports betting for the Super Bowl from 2023 -- another sign the Super Bowl may find its way back to Vegas.
