Online betting on the Super Bowl surged this year, with many gamblers waiting until just before tipoff to place their bets, according to a company that tracks the location of Internet gamblers.
Data released by GeoComply on Monday showed that the number of verification checks conducted over the weekend increased by more than 22% compared to last year.
This year, the company processed more than 122 million checks in 28 of the 29 states (except Florida) that offer online sports betting.
The company ensures that gamblers are where they say they are before allowing them to place bets online, a process called geolocation that is the basis of online betting in the United States
The data records the number of times the company was asked to verify a customer’s location.It is considered a good indicator of at least a minimum level of sports betting activity, with more than 80% of sports betting in the United States taking place online
Anna Sainsbury, CEO and co-founder of GeoComply in Vancouver, Canada, said: “The continued transition to the legal market set the stage for Las Vegas’ historic first Super Bowl, and the record-breaking results we saw did not disappoint. .”
The Kansas City Chiefs defeated the San Francisco 49ers 25-22 on Sunday night to win their second consecutive NFL championship.
States require gamblers to be located within their borders in order to place online bets. Geolocation technology combines mobile phone data, software, hardware and databases to determine the actual location of a phone or laptop trying to place a bet at a given moment.
While it is true that customers can log in and verify their position without actually placing a bet, many gamblers also place multiple bets after a single login.
Throughout Super Bowl weekend, GeoComply had a total of 8.5 million active accounts, a 15% increase from last year’s Super Bowl.
In the two weeks leading up to the big game, the company had more than 1.77 million new users sign up for legal online betting accounts.
Since the start of the 2023-2024 NFL season, customers have added more than 13.7 million new accounts, a 28% increase from the previous season.
As usual, many people wait until the last minute to place their bets. The company said traffic surged in the minutes leading up to the game, totaling nearly 15,000 transactions per second. This is the highest level ever recorded by the GeoComply system and nearly double last year’s peak.
The game went into overtime for the second time, dealing a heavy blow to many sportsbooks as they thought there was a strong chance overtime would not happen. Even though the 49ers entered the game with a slim advantage, many expected the Chiefs to win.
Craig Mucklow, Caesars Sportsbook’s vice president of trading, said sportsbooks have suffered millions of dollars in losses when games go into overtime, a popular bet where the odds About 9 to 1. He said Caesars lost seven figures on overtime games alone, with the average bet being $16.
Caesar did a better job with player props, but many of them weren’t implemented. That included bets on whether notable players like Travis Kelce, Isiah Pacheco, Deebo Samuel or Brandon Aiyuk would score a touchdown, but none of them did. Array.
“This is a terrible Super Bowl for sportsbooks,” said Tristan Davis, senior trader at BetMGM. “Many bettors have the Chiefs winning and are betting on the favorites. “Back to win,” refers to a bet on the statistical performance of an individual player.
FanDuel, the AP’s official odds provider, said 14 million bets were placed, totaling $307 million, both records. These bets come from 2.5 million FanDuel customers.
DraftKings will not release data on its performance during the Super Bowl on Monday.
Several sportsbooks have also released odds for next year’s Super Bowl winner, with the 49ers slightly ahead of the Chiefs.