Sports Fans to Bet at Least $20 Billion on 2023 Super Bowl
This Sunday, 12 February, the Chiefs and Eagles play each other in the Super Bowl, and sports fans around the world have been busy placing their bets. The range of betting markets offered by sportsbooks is incredible. It is possible to bet on everything from the result of the game to how long it will take country star Chris Stapleton to sing the national anthem.
Cloudbet, a cryptocurrency betting operator, has said that it thinks that more than $20 billion will be bet on the game by the time it is over. According to a spokesperson for the company, following the legalization of sports betting in several US states, it is estimated that betting within the US on the 2023 Super Bowl will reach $16 billion. It is thought that the US market will make up about two-thirds of betting on the event, which means global betting of at least $20 billion.
We’re watching two trends happening across crypto that predict a big Super Bowl bet total for crypto this year. First, there is the general, growing adoption of cryptocurrency as part of corporate and personal portfolios around the world. And second, record user growth on our own platform last year points to a growing appetite for crypto adopters to not only bet on crypto but to bet with crypto as well”
The company has said that it has seen an increase in betting activity that correlates to gambling advertising during sports events. The spokesperson explained that while it doesn’t pay for broadcast advertising or sponsorship, “those ads work, and organic traffic to our site continues to rise as more and more people search for where they can bet on sports online and where they can use crypto to place bets as well”.
At least 100 million people across the world are expected to watch the Super Bowl this year, and some sportsbooks are likely to spend a lot of money advertising during the game. Therefore, there is likely to be an increase in searches relating to online betting, many new accounts created, and the chance of even more than $20 billion being bet.