The American Gaming Association (AGA) projects that Americans will place $35 billion in bets during the 2024 NFL season. This was its first-ever estimate for total legal betting on the NFL season. The figure represents a large increase from the 2023 season. The reason for the increase is largely due to the expansion of legal sports betting across the country. Most sports wagers come through online betting and not through retail sportsbooks.
Legalization of sports betting
Americans in 38 states are now able to wager on the NFL. They can place their bets with more confidence when they bet on legal sportsbooks as these sportsbooks prioritize consumer protection. Some states, such as Vermont, North Carolina, and Maine, have seen the launch of legal US sportsbooks since last year’s NFL season kickoff.
Analysts at JMP Securities say only 5% of the US population will be new to sports betting this year, and new bettors are mostly from the three new states where it is legal. The influx of new bettors is down by 7% from 2023.
The focus of the industry appears to be shifting towards deepening investments in current states. Only Nebraska and Missouri show any momentum toward legalizing online sports betting before the next NFL season.
Strong handle growth
The progress of legislation may be slower this year but betting app downloads are up at the beginning of the college football season.
Year-on-year handle growth is strong and was up this year by 24% in Q1 and 33% in Q2. The sports handle is the total money that bettors wager. Gross Gaming Revenue (GGR) is what is left after paying out winning bets.
Accelerating handle growth could push total wagers to a record $33 billion through the Super Bowl. This is not far off the number projected by the AGA.
Great teams to bet on
The NFL season has already begun with Kansas City Chiefs gaining a 27-20 victory against the Baltimore Ravens. The Philadelphia Eagles beat the Green Bay Packers in Brazil by 34 to 29. Both of these teams are top-five favorites. With great coaches, NFL teams can develop the mindset they need to win.
A variety of bet types
For those looking to bet on the NFL in 2024, there are a great variety of bet types. Money lines are the easiest to bet on because they only offer the possibility of a win, loss, or draw. To win a moneyline bet, you only have to pick a winner.
Spread betting is the most common type of betting on NFL games. This means you wager on the margin of victory. For example, the Chiefs were 3-point favorites over the Ravens in the recent game. The win of 27-20 meant they covered the spread.
The appeal of over/under bets is that they don’t depend on the game outcome. You bet on the total points both teams will score in the game.
Other bets you can place include prop bets, parlays, future bets, and live bets. According to JMP Securities, football-only parlays will account for 30% of the total handle.
Betting on winners
Now that the NFL season schedule is out, people are speculating over who will win awards. Mahomes is the favorite to win the 2024 MVP award and Joe Burrow could be his closest threat. Jayden Daniels could outshine Caleb Williams to win Offensive Rookie of the Year.
The Chiefs are currently +500 and the 49ers are +600 to win the Super Bowl in 2025. This would set up a rematch of Super Bowls 54 and 58.