Super Bowl 50 Sees "Prop Bets" Comprise 60% of Aggregate Betting Pool
February 10, 2016
Despite predictions that the Panthers would take the game, Super Bowl Sunday saw the Broncos win a 24-10 victory over the Carolina Panthers. However, while predicting that outcome could have made you a fair bit of money, chances are if you betted on Super Bowl 50, you betted on a proposition, or “prop.”
What is prop betting? It is when fans put money on specific in game occurrences that do not have to do with winner and loser. This could mean one tried to guess the point spread, the number of safeties, which player scores the first touchdown, the largest lead during the course of the game, and even who wins the coin toss. As an example, Nevada sportsbook William Hill US has offered up to 690 different propositions to choose from in the past.
Bets on these relatively minor occurrences, though not as illustrious, have added up to a dollar amount that makes up over 60% of the Super Bowl 50 betting pool. And with over $130 million bets entered in Nevada sportsbooks for the Super Bowl, that is quite a chunk of cash.
Casinos are loving the revenues from these micro wagers. In total, Nevada sportsbooks earned a record $13.31 million this year.
“We favor the publication of these fun prop bets, as they continue to add interest to the Big Game,” said an employee of Netti Casino.
The American Gaming Association, an association engaged in “promoting, educating and lobbying on behalf of the gaming entertainment industry through education and advocacy,” also released estimates of how much gambling was done around the Super Bowl, legal and not. Their number? $4.2 billion. The AGA claims that 97% of bets will take place under the table. Still, $4.2 billion is a big number, an 8% increase over numbers last year.
AGA president and CEO Geoff Freeman believes the AGA plays a part in continuing to improve the experience of sports betting in the US. “As Americans celebrate a milestone Super Bowl, they’ll also bet a record amount on the Big Game… Just like football, sports betting has never been more popular than it is today. 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.”