Super Bowl bets hit $4.2B

Sports gamblers will wager billions on the Super Bowl, according to a new report.

The American Gaming Association estimates gamblers will spend $4.2 billion on Super Bowl 50 between the Denver Broncos and Carolina Panthers. This is an increase of 8 percent from last year’s big game.

The Super Bowl is the biggest sports event of the year, and it accounts for a sizable portion of the $149 billion in sports bets made last year, according to the American Gambling Association.

But most of those bets are made illegally. During the Super Bowl, 97 percent of bets will be placed on the black market, the American Gaming Association predicts.

“As Americans celebrate a milestone Super Bowl, they’ll also bet a record amount on the Big Game,” Geoff Freeman, president of the American Gaming Association, said in a statement. 

“Just like football, sports betting has never been more popular than it is today,” he added. “The casino gaming industry is leading the conversation around a new approach to sports betting that enhances consumer protections, strengthens the integrity of games and recognizes fans’ desire for greater engagement with sports.”