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Study: Americans To Bet $4.7B On Super Bowl 51

Casino Group: Handle To Increase 11 Percent Over 2016

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Americans will bet $4.7 billion on Super Bowl 51 between the New England Patriots and the Atlanta Falcons, according to an estimate released Tuesday by the casino industry’s top lobbying group on Capitol Hill.

That would be 11 percent more than what was wagered on last year’s Super Bowl.

According to the American Gaming Association, only $132 million of the $4.7 billion will be done legally through Nevada’s casino industry. The 1992 Professional and Amateur Sports Protection Act banned traditional sports betting outside of the Silver State.

The AGA, along with a handful of states, is trying to get the law changed to allow sports books nationwide. There are now casinos in 40 U.S. states, creating a commercial casino gambling market with $40 billion annually. That’s gaming revenue.

According to the AGA, the amount wagered on all sports last year was $154 billion. Nevada had about $5 billion of the handle. The rest was done through what the AGA considers a black market.

“As we mark the 25th anniversary of a failed law, it’s time for Washington to get out of the way and lift the federal prohibition that pushes sports fans to a rapidly growing illegal betting market,” said Geoff Freeman, president and CEO of the AGA.

“A regulated marketplace would generate tax revenue and jobs, protect consumers and leverage cutting-edge technology to strengthen the integrity of the games we all love.”

The state of Nevada’s 194 sports books collectively had $132.5 million in bets on Super Bowl 50, which was a record. The sports books won $13.3 million on those wagers, which was a hold percentage of 10.1 percent. The record amount won was the $19.6 million in 2014.

Nevada casinos have only lost on the big game once in the past 10 years, and just twice in the past 27 years, according to state figures.

 
 
Tags: Super Bowl,   Sports Betting,   PASPA,   NFL