DraftKings (NASDAQ:DKNG) and other sports betting companies are poised for a major payday as Americans are expected to legally wager a record $1.39 billion on Super Bowl LIX, according to estimates from the American Gaming Association (AGA).
The Super Bowl remains the most bet-on event in the U.S., with legal sports betting expanding since the 2018 Supreme Court ruling that lifted restrictions. While legal wagers are projected at $1.39 billion, total bets, including those placed with offshore sportsbooks and local bookies, are expected to be significantly higher. Last year, the AGA estimated total betting activity reached $23.1 billion.
Despite high betting volumes, sportsbooks don't always come out on top. DraftKings made $8.8 million on $52.3 million in Super Bowl bets last year, while BetMGM (MGM) lost $4.8 million after handling $10.8 million in wagers.
With the Kansas City Chiefs facing the Philadelphia Eagles this Sunday, DraftKings and Flutter Entertainment (NYSE:FLUT) are looking to capitalize on the surge in betting activity.
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