Caesars and BetMGM Accept Multiple $1M Wagers and Super Bowl Sportsbook Records in Nevada Are Shattered

A statue of Julius Caesar at Caesars Palace in Las Vegas, Nevada. David Becker/Getty Images/AFP.

As predicted, the 2022 Super Bowl garnered such a significant number of sports betting wagers that sportsbooks figures of last year were shattered. The Nevada Gaming Control Board released the returns from this past weekend, and the results are astonishing.

Bettors who partook in the most highly anticipated sports event of the year wagered $180 million in Nevada alone, which broke the Super Bowl handle record.

Legalized Sports Betting Produced an Outpour

Multiple factors can be accredited for the massive surge in wagers placed at this year’s Super Bowl. Still, the overall increase in stake size is mainly influenced by the legalized position that most U.S. states have undergone throughout the past twelve months.

Chuck Esposito, director of the Red Rock Resort said, a “confluence of factors” assisted the growth, as well as the wave of in-play and proposition bets, the available spread, the moneyline wagers, the marketing focus of mobile sports betting, and the industry’s allowance of higher limit bets.

READ MORE: Over 30 Million U.S. Nationals Expected to Wager on Super Bowl LVI

The upsurge of largely staked wagers has risen in recent years, as million-dollar bets being placed in Las Vegas have become the ‘norm’. And although Nevada state sportsbooks shattered their previous records, they refused to take Mattress Mack’s $9.5 million worth of wagers he attempted to place.

The Houston furniture store owner has become synonymous amongst the sports betting community for having some of the most enormous stakes. He did manage to secure his Super Bowl LVI bets with Caesars Sportsbook mobile app in Louisiana following the refusal from Nevada.

READ MORE: Big Bets Being Placed on Super Bowl LVI

Elsewhere, in the world of massive-staked wagers, Caesars accepted three $1 million wagers in Las Vegas, and BetMGM took three $1 million wagers of their own at Bellagio.

Another determining factor that accompanied the handle increase was the arrival of a Californian-based team in the Super Bowl. Craig Mucklow, vice president of Caesars, stated that every time a team from California arrives in the Super Bowl, Nevada receives a significant increase in the bets that are placed.

In addition to the aforementioned, masks were no longer mandatory for the event, and a sense of normality had returned alongside a one-hundred-percent capacity. When reviewing the 50% attendance of 2021, the post-pandemic resumption of regular life has undoubtedly worked in Nevada’s favor.

Nevada Sportsbooks: The Numbers

The Los Angeles Rams made a late fourth-quarter comeback to defeat the Cincinnati Bengals last Sunday (23-20), which saw them capture the championship whilst snapping a 22-year drought from Super Bowl success. As Bengals spread bettors (+4.5) and Rams moneyline bettors celebrated in unison, it was the 179 Nevada sportsbooks who had the biggest reason to celebrate.

READ MORE: Battle to Control Sports Betting Rages in California

The official numbers released by the Nevada Gaming Control Board, although still pending an audit, suggest a sportsbook gain of more than $15 million on bets that equaled totals near $180 million. A hold percentage has been calculated at percent 8.6, meaning the overall figures of 2022 have exceeded 2021 – as $136 million in wagered money resulted in a $12 million success for sportsbooks.