Sunday, February 25, 2024

Super Bowl bets placed online surged this year, verification company says

ATLANTIC CITY, New Jersey — Online betting on the Super Bowl has increased this year, with many players waiting until just before kickoff to place their bets, according to a company that tracks players’ locations across the Internet.

Data released by GeoComply on Monday shows the number of verification checks carried out over the weekend increased by more than 22% compared to last year.

It has processed just over 122 million checks this year in 28 of the 29 states with online sports betting, excluding Florida.

The company ensures that players are where they say they are before authorizing their online bets, a process known as geofencing that is the basis of online betting in the United States.

The data records the number of times the business was called to verify a customer’s location. It is considered a good indicator of at least a minimum level of sports betting activity, over 80% of which is conducted online in the United States.

“The continued transition to the legal market has paved the way for a historic first Super Bowl in Las Vegas, and the record results we saw did not disappoint,” said Anna Sainsbury, CEO and co-founder of GeoComply, based in Vancouver, Canada. .

The Kansas City Chiefs defeated the San Francisco 49ers 25-22 on Sunday night to win their second straight NFL title.

States require that a player be physically located within their borders in order to bet online. Geolocation technology uses a combination of cell phone data, software, hardware and databases to determine where a phone or laptop trying to bet actually is at any given time.

While it is true that customers can log in and have their location verified without actually placing a bet, many players also make more than one bet after a single login.

Throughout Super Bowl weekend, GeoComply saw a total of 8.5 million active accounts, a 15% increase from last year’s Super Bowl.

In the two weeks leading up to the big game, the company saw more than 1.77 million new users sign up for legal online betting accounts.

Since the start of the 2023-24 NFL season, customers have added more than 13.7 million new accounts, a 28% increase from last season.

And as usual, many people waited until the last moment to bet. The company said that just minutes before kickoff, it saw a massive increase in traffic totaling almost 15,000 transactions per second. This is the highest level ever recorded on GeoComply systems, almost doubling last year’s peak.

The game going into overtime for only the second time hit many sportsbooks hard, offering a strong chance that it might not happen. And many bets were on the Chiefs winning, even though the 49ers entered the game as slight favorites.

Sportsbooks took a multimillion-dollar loss on the overtime game, a popular bet that yielded about 9-to-1, said Craig Mucklow, vice president of trading for Caesars Sportsbook. He said Caesars lost seven figures alone on the overtime bet, with the average bet being $16.

Caesars did better on player accessories, many of which didn’t pan out. This includes betting on whether big-time players such as Travis Kelce, Isiah Pacheco, Deebo Samuel or Brandon Aiyuk would score a touchdown, none of which did.

“It was a bad Super Bowl for sports betting,” said Tristan Davis, senior trader at BetMGM. “Many punters have had Chiefs and overs winning on popular player props,” referring to betting on players’ individual statistical performances.

FanDuel, the official odds provider for the Associated Press, said it took 14 million bets totaling $307 million, both of which set records. These bets came from 2.5 million FanDuel customers.

DraftKings would not release numbers Monday on its Super Bowl performance.

Several sports betting sites have also released odds for the winner of next year’s Super Bowl, with the 49ers slightly ahead of the Chiefs.


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