Midwest betting will soon hit new heights in a Super Bowl LVI that is now just five days away. According to the American Gambling Association, an estimated 31.4 million Americans will wager more than $7.61 billion dollars through sports betting apps on this year’s title match, up 35% and 78% from last year’s numbers.
The usual main stage of the Los Angeles Rams will clash with the new and growing market of the Cincinnati Bengals, appearing in their first Super Bowl since 1988. With their return to the biggest stage in football comes a wave of opportunity for the entire Midwest betting scene.
The Landscape of Midwest Betting
Cincinnati’s home state of Ohio recently legalized sports betting via House Bill 29, signed last December. This opened the door to bettors and sportsbooks operating within the state’s confines at the start of 2023.
Because of the rapid rise in popularity of sports gambling, speculation has risen over Ohio’s launch date.
“We want to get this up and running as soon as possible, but we’re building a whole new industry,” said Senator Kirk Schuring of Canton, Ohio. “We’re hoping it can be done sooner [than 2023].”
Even if Ohio sports betting is not operational by this weekend’s Super Bowl, there is sure to be a growing interest in the sector. The 33rd state to legalize gambling will implement a 10% tax on profits, sending 98% of that to public funding.
Online Betting in the Midwest
Another state updating its sports betting legislation is Illinois, which currently requires in-person signups at sportsbooks. On sign-up will be available state-wide after this decree expires on March 5.
This is a huge step towards increasing patronage and participation, with registration becoming convenient and simple.
Illinois sports betting apps were first launched on June 18, 2020, when BetRivers entered the market. FanDuel, DraftKings, PointsBet, Caesar’s, and Barstool sportsbooks have since joined them.
Illinois claimed a $5.1 billion handle in 2021, cementing itself as a major figure in the gambling scene. $380 million in receipts and $57 million in tax revenue were generated. Roughly 96% of bets were placed online.
Future Opportunities
With major draws like the Bengals, Chicago Bulls, and two Chicago-based baseball teams, the Midwest betting scene is ready to explode. Ohio and Illinois made efforts to open up participation that were expected but also on course.
Ohio will be kicking itself for missing its opportunity to claim a stake in the upcoming Super Bowl bets. The Bengals are 4.5-point underdogs in that contest but have captured the hearts of Americans during their underdog run.
Sports gambling estimates reached over $52.7 billion in 2021, a momentous year for the market. This number is over 200% higher than the year prior, reflecting a trend that is becoming quite common. Many other states are now following suit and embracing the legalization process as a result.
With its infrastructure, local teams, and attractions, expect Midwest betting to explode soon.