In a thrilling contest that was the talk of the nation, the Kansas City Chiefs emerged victorious over the San Francisco 49ers, clinching their second consecutive Super Bowl on the night of February 11. The spectacle unfolded at Nevada’s Allegiant Stadium, a fitting backdrop for the high-stakes drama of Super Bowl LVIII. But alongside the on-field heroics, another intense game played out – the betting bonanza that hit new peaks this year.
The weekend saw a flurry of activity by GeoComply, which conducted geolocation checks to monitor betting actions across the states where sports wagering is legalized, including the unincorporated territory of Puerto Rico. Notably, Florida was off the list, following the Seminole tribe’s recent launch of online betting with Hard Rock Bet in November of the previous year.
GeoComply didn’t just watch the action; it recorded a surge in geolocation verifications, heralding this as a win for legitimate betting in America. The data pointed to a movement toward a regulated, taxed, and safer betting environment – a win for everyone involved except illegal operators.
As anticipation built before the showdown, GeoComply witnessed a record surge in pre-game actions. In the electrifying build-up to the kickoff, their systems bore witness to an astonishing 14.75 thousand transactions per second. This figure did not just break the previous record; it nearly doubled the peak transaction rate seen during the past year’s Super Bowl.
The unprecedented trend continued with a 15% uptick in active online betting accounts. The figures were staggering: 8.5 million accounts spanned across the 28 jurisdictions where such bets are on the legal pitch. Moreover, GeoComply’s records indicated that in the fortnight leading up to the big game, over 1.7 million enthusiastic new users signed up to place their bets legally online.
When casting a wider net across the entire 2023-24 NFL season, the growth remained significant. GeoComply’s customers welcomed over 13.7 million new accounts, marking a significant 28% increase from the prior season’s data.
Anna Sainsbury, the CEO and co-founder of GeoComply, reflected on the significance of the event. “The continued transition to the legal market set the stage for a historic first Super Bowl in Las Vegas, and the record-breaking results we saw did not disappoint,” she stated. She emphasized the company’s dedication to nurturing a regulated industry that prioritizes accountability, security, and player protection, adding that such growth is a death knell for illegal offshore books.
As the dust settles, many expect additional information about Super Bowl LVIII’s betting volumes in the coming weeks. Before the game even started, the American Gaming Association (AGA) postulated a record level of betting would occur, foreseeing a whopping $23.10 billion to be wagered – a tremendous leap exceeding $16 billion from the previous Super Bowl betting volume.
The AGA’s projections were based on a survey it conducted, with the numbers estimating about 67.8 million people preparing to place bets, marking a 35% increase from the last Super Bowl. Of these millions, 42.7 million were projected to place their bets through online channels, retail sportsbooks, or bookmakers.
The buzz surrounding the event wasn’t just about the teams or the bets. Buck Wargo had penned a piece for iGB before the game, exploring the potential impacts that hosting the Super Bowl could bring to Las Vegas, a city synonymous with entertainment and big stakes.
Ultimately, the grand finale of the NFL season wasn’t just a display of athletic prowess; it was a milestone for the legalized betting industry. Super Bowl LVIII served as a resounding affirmation that sports betting has become entrenched in the fabric of American sports culture, with all roads leading to a more regulated and responsible future for fans and gamers alike.
