Title: Super Bowl 2024 Sees Surge in Legal and Illegal Betting, Projected to Reach $23.1 Billion

According to projections by the American Gaming Association, approximately 68 million Americans, or about one in four, are expected to place bets on Super Bowl 2024, marking a significant 35 percent increase from last year. The report estimates that a staggering $23.1 billion worth of bets will be placed on the clash between the Chiefs and the 49ers.

However, out of the total bet amount, only $1.5 billion is anticipated to be wagered through legal gambling channels, while the remainder will be placed illegally. Gambling research firm Eilers & Krejcik Gaming projects that $1.25 billion will come from legal wagers, highlighting the substantial presence of the illegal betting market.

The illegal betting sector continues to thrive due to factors such as avoiding fees and taxes on winnings. Chris Grove, a partner at Eilers & Krejcik, suggests that while the regulated sports betting market in the US is steadily growing, it will likely take a few more years for major states like California and Texas to pass bills and fully integrate with customers. He also points out that the illegal market offers certain advantages like credit and anonymity, which can make it appealing to bettors.

States with the highest populations, including Texas, California, Georgia, and North Carolina, currently do not have legal wagering options, potentially contributing to the prominence of illegal betting. However, the report states that 11 percent of Americans, equivalent to 28.7 million adults, are expected to bet through legal means in an effort to reduce the influence of underground betting.

Las Vegas, host city of the Super Bowl, is projected to account for 12.8 percent of overall betting action, followed by New York with 12.4 percent and New Jersey with 9.6 percent. The Northeast region has emerged as a significant hub for gambling, with 21 percent of the total betting handle in this year's Super Bowl coming from New York and New Jersey.

The estimated wager of $23.1 billion for Super Bowl 2024 represents a substantial increase of 44.4 percent compared to the projected figure for the previous year. Traditional forms of betting, like Super Bowl squares, are also losing ground to sportsbook wagers. Roughly 42.7 million Americans plan to bet through a sportsbook or bookie, while 36.5 million intend to participate in casual pool-style wagering with friends.

The report further reveals that approximately 73 percent of Americans plan to watch the game, indicating a nearly 10 percent increase from the previous year. Some speculate that this rise may be influenced by the Taylor Swift effect, as NFL Commissioner Roger Goodell suggests her presence creates buzz and attracts a younger demographic, particularly young women, to football.

With legal wagering now available in 38 states, Las Vegas has become a gambling haven, offering a wide range of options for bettors. Caesars Sportsbook has already reported significant betting activity ahead of Super Bowl 2024, including a seven-figure bet on the 49ers and several six-figure bets, including one on the coin toss. The current betting line has shifted in favor of the 49ers, moving from -1 to -2.5.

As the Super Bowl approaches, the anticipation for the game and the accompanying betting frenzy continue to grow. With the surge in legal and illegal wagering, this year's Super Bowl is set to be a monumental event for both sports fans and the gambling industry.