..

Financial Times: Super Bowl a Blockbuster for Bets According to Books

Written by:
C Costigan
Published on:
Feb/15/2022

Users and wagers soared as legalised betting spread into new states including New York, and we're not even counting the vast numbers of people who bet offshore where novelty wagers such as the Halftime Show cuss words and shoe colors were permitted.

ppp-banner-gn-520x340.gif

BetMGM told the FT a record number of first-time users signed up to its app on Sunday, while the company handled twice as much business as last year's Super Bowl.

“We’re encouraged by strong results over the weekend, with Super Bowl LVI being the most bet on Super Bowl to date,” said Adam Greenblatt, chief executive of BetMGM.

His company's site is a venture between UK gambling company Entain and casino group MGM.

Of the ten states BetMGM operates in, New York took in the most wagers by far.  But New York also has one of the highest tax rates in the nation, better than 60% when all is said and done. 

The published 51% tax sounds bad enough but noted gaming attorney I. Nelson Rose says that number will be far greater once other components are factored in.

His 71% is based on a previously published figure in the Wall Street Journal.

That figure was 65%. Then, to top things off, there is a federal excise tax of 0.25%.

"This may not sound like a lot but it is when you consider each bet," Rose points out to Gambling911.com's own Thomas Somach.  "This is win or lose and not on gross gaming revenue.  That amounts to another 6%.  So a 65% rate becomes 71%."

And the players placing those bets?

All forms of gambling winnings are subject to a federal tax of 24% in the U.S. New York residents can expect sportsbooks to withhold an additional 8.82% of winnings over $5,000.

It's why local New York State bookies won't be throwing in the towel any time soon.

GeoComply, the geolocation group, tells the Financial Times it had identified more than 80.1mn transactions related to the Super Bowl over the weekend, well over double the number for the 2021 Super Bowl.

Gambling911.com revealed its traffic numbers were four times what they normally were on Super Bowl Sunday.  The Winter Olympics contributed to a portion of that boost.

- Chris Costigan, Gambling911.com Publisher

Gambling News

Bet the Texas A&M Aggies in 2022

Should I Bet the Texas A&M Aggies in College Football This Week?

The Texas A&M Aggies were embarassed by App State in Week 2 but have otherwise looked good.

Action on Thursday Night Football Dolphins vs. Bengals was Heavy But Balanced

Action on Thursday Night Football Dolphins vs. Bengals was Heavy But Balanced

Ahead of Thursday night's game between the Dolphins and Bengals, action was "robust", according to Dave Mason of BetOnline.

How Long Could Tua Be Out?  Oddsmakers to Adjust Odds After QB Suffers Neck, Head Injuries

How Long Could Tua Be Out? Oddsmakers Await Word on QB's Status

Tagovailoa was taken off the field by stretcher after suffering a collision with Bengals nose tackle Josh Tupou.

Why Bet Against Tulane vs. the Houston Cougars

Why Bet Against Tulane vs. the Houston Cougars

Betting Alert: Tulane has gone 2-19 Straight Up since 2017 as an away dog.  That means you might want to bet the Houston Cougars this week on the moneyline, which was coming in at a decent enough price.

BetFred Handed Down Fine of Nearly £2.9m

BetFred Handed Down Fine of Nearly £2.9m

In one case, a customer reportedly lost £70,000 over a 10-hour period just a day after opening their wagering account.

Syndicate