Super Bowl 58: Favorites, Prop Bets, and Wager Estimates
People with no prior experience who want to make wagers during the Super Bowl event can start with the basics. Here’s what you need to know about odds, how they change with bets, line shopping, and contrarian betting strategies.
Begin by learning the basics of football betting. Next, delve into moneyline betting, which is crucial for the Super Bowl winner prediction. For advanced strategies, explore line shopping techniques and understand contrarian betting benefits.
Historic Bets and Record-Breaking Wagers
The Super Bowl is known for its record-breaking wagers and prop bets. Some popular Super Bowl prop bets include National Anthem length, opening coin toss results, Gatorade color predictions, and more.
Currently Favored
The NFL playoffs are heating up, and the San Francisco 49ers have solidified their position as the team to beat, leading into Super Bowl 58. With a consistent winning streak and a solid roster, bookmakers favored them for several days, ranging from 2 to 2.5 points.
Previous Moneyline Favorites’ Performance
Some favorites underperformed in the last 10 Super Bowls and lost the game. You can study their performance and learn from their mistakes to make more informed betting decisions on Super Bowl 58.
Pre-game favorites don’t consistently secure victory. Here’s a rundown of the moneyline favorites for the past 10 Super Bowls and their outcomes:
2023 – Eagles (Lost), 2022 – Rams (Won), 2021 – Chiefs (Lost), 2020 – Chiefs (Lost), 2019 – Patriots (Won), 2018 – Patriots (Lost), 2017 – Patriots (Won), 2016 – Panthers (Lost), 2015 – Patriots (Won), 2014 – Broncos (Lost)
Legal Betting States and Odds from Top Sportsbooks
Legal betting on the Super Bowl is permitted in a wide array of US states, including Arizona, Arkansas, Colorado, Connecticut, Delaware, Florida, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Nevada, New Hampshire, New Jersey, New York, Ohio, Oregon, Pennsylvania, Rhode Island, Tennessee, Vermont, Virginia, Washington, West Virginia, and Wyoming.
However, the magnitude of betting activity extends beyond these legal sportsbooks. Many informal wagers occur outside official channels, such as office pools or friendly bets among individuals, significantly influencing the overall betting volume. It’s estimated that informal bettors could exceed 30 million individuals during Super Bowl 58, highlighting the widespread enthusiasm and engagement surrounding the event.
The 2024 Super Bowl Estimates
The highly anticipated Super Bowl 58 is expected to attract an immense amount of betting activity, with estimations indicating a substantial surge in wagers compared to previous years.
According to the American Gaming Association, an astonishing $23.1 billion is projected to be wagered on the event, involving approximately 67 million participants across the nation. This represents a significant increase from the $16 billion wagered during Super Bowl 57 in 2023.
Additionally, Eilers & Krejcik Gaming anticipates that licensed American sportsbooks will handle approximately $1.25 billion in bets, constituting around 7% of the total wagers. Notably, key states like Nevada, New York, and New Jersey are expected to play prominent roles in this betting frenzy. Moreover, informal betting channels such as office pools and friendly wagers among individuals are likely to contribute substantially, potentially accounting for 55-60% of the overall wagers.
Furthermore, offshore sportsbooks are anticipated to witness significant activity, with estimates suggesting up to $5-$6 billion in bets. Overall, the forthcoming Super Bowl promises to be a monumental event in the realm of sports betting, with participation and wagering levels reaching unprecedented heights.
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Joshua Downes
Joshua Downes is an experienced journalist and editor specialising in finance, trading, cryptocurrency and online betting. Over the last eight years, he has written for numerous publications and media outlets, both print and online. These include Trading-Education, Wetten, GamblingGuy, BitReviews, Industry Slice, and Gulf Business. With a BA in journalism and an MA in English, Joshua aims to provide informative and highly readable articles, making even the most complex of financial concepts easily understandable for the average reader. Joshua is currently pursuing professional qualifications in finance and also has extensive knowledge of the gambling industry, having spent four years working in operations for Gala Coral.
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