Here’s everything you need to know about legal Super Bowl betting
The Super Bowl LV game is set and the Kansas City Chiefs and Tampa Bay Buccaneers meet on February 7, 2021.
PlayUSA, a website that covers legalized gambling, estimates that more than $ 500 million will be legally wagered in the United States in this year’s Super Bowl, up from just $ 300 million wagered in 2020.
There are two likely reasons for this surge. The first is that sports betting has never been so popular in the United States because states set monthly records for total bets on a regular basis. The second is that more states are legalizing online betting – seven states accepted their first online bets in 2020, bringing the total number of states offering online gambling to 15.
High population states like Illinois, Virginia and Michigan were among the states that legalized online sports betting.
For novice bettors or those unfamiliar with the intricacies of creating odds, here’s how to legally bet on this year’s Super Bowl:
Check that sports betting is legal in your state:
When the Supreme Court struck down the Professional and Amateur Sports Protection Act (PASPA) in 2018, it gave each state legislative power to legalize sports betting.
Each state has its own set of rules. Some only allow in-person betting, while others also accept online and mobile betting.
For example, sports betting is legal in New York, but only at four retail casinos in upstate New York. In Virginia, there is a bill that limits betting on local college teams, and in Mississippi, you can bet online, but only at a casino.
Interested bettors can check whether sports betting is legal in their state here.
Find a legal provider in your state
If sports betting is legal in your state, then bettors can go to an in-person casino where betting is allowed, or simply find an online casino.
In states where in-person and online betting is available, online betting typically accounts for a massive share of all money wagered.
In New Jersey, which often has the most sports betting of all US states, about 90% of all bets are made online, according to public data.
In addition, living in the state is not a requirement. You just need to be at least 21 years old and state-certified when placing a bet online. The location is determined by GPS on the betting device.
Understand the odds
the current odds for who will win the Super Bowl’s Most Valuable Player (MVP) is:
Patrick Mahomes -106
Tom Brady +210
Tyreek Hill +1200
Travis Kelce +1300
Léonard Fournette +2500
A “-” symbol indicates a favorite and a “+” symbol indicates an outsider. For example, a $ 100 bet placed on a pick of +1300 would net a profit of $ 1,300, in addition to getting back the original $ 100. For the favorites, it would take a bet of $ 106 to win $ 100 on something with odds of -106.
Another popular bet is to bet on the broadcast of the game. As of Monday, the spread, also known as the Super Bowl line, is as follows:
Kansas City Chiefs (-3.5)
Tampa Bay Buccaneers (+3.5)
The Chiefs are 3.5-point favorites over the Bucs, and if a bettor wanted to bet on the Chiefs, he would win the bet if the Chiefs won the game by more than 3.5 points, which would cover the spread. Conversely, a winning bet on Tampa Bay would mean the Bucs could win the game or lose by less than 3.5 points.
There are dozens of other types of bets that can be viewed here.
There are several things you can do to improve your Super Bowl betting experience.
The first is to do research. Educate yourself on the game and see if you can spot a trend that no one else can give you an advantage.
Second, bettors should monitor the odds of multiple sports bets at once. If you’ve done your research and think Patrick Mahomes is going to win the MVP and are ready to bet some money on it, check out some sportsbooks for Mahomes odds. If DraftKings has a more favorable odds for Mahomes of winning an MVP than FanDuel, bet there instead.
Third, and perhaps the most important: only bet what you are prepared to lose.