Super Bowl LVIII betting hits $5.37B—but 65% stayed in the black market
Super Bowl LVIII shattered records for online betting, with millions of Americans wagering on the showdown between the San Francisco 49ers and the Kansas City Chiefs. Despite the rise in legal gambling, a new analysis shows that nearly two-thirds of all bets remained outside regulated platforms.
Americans placed a staggering 350.5 million wagers on the 2024 Super Bowl, totaling $5.37 billion. However, only $1.4 billion of that amount was legally bet, according to data from Yield Sec. Their report also found that 228.2 million of the wagers—around 65%—went through non-legal channels.
The black market's share did not shrink between the 2023 and 2024 Super Bowls. Legal operators dispute these figures, pointing to their own survey which claimed 77% of online sports bets were legal in 2023. Still, experts like John Holden, an Associate Professor at Oklahoma State University, acknowledge progress since the 2018 Supreme Court ruling that legalized sports betting. He noted that licensed platforms such as DraftKings and FanDuel have gradually pushed out unlicensed competitors over the past six years. Industry leaders warn that illegal operators pose serious risks. These offshore platforms ignore underage gambling laws and anti-money laundering rules, making them more accessible to minors. Legal operators also argue that the black market exploits gamblers, weakens responsible gambling efforts, and deprives states of tax revenue. Yet shutting down these unregulated platforms remains a long-term struggle, with licensed firms working to build more competitive and appealing alternatives. Some scholars question whether the scale of non-legal gambling can be measured accurately. Despite these doubts, the consensus remains that illegal betting continues to thrive alongside the legal market.
The 2024 Super Bowl highlighted both the growth of legal sports betting and the persistence of the black market. With billions wagered outside regulated systems, operators and regulators face ongoing challenges in curbing unlicensed gambling. The debate over accurate measurement and enforcement is likely to continue as the industry evolves.
