2024 Super Bowl betting expected to outpace any sporting event in history

Published 3:00 pm Tuesday, February 6, 2024

TheStreet’s J.D. Durkin brings the latest business headlines from the floor of the New York Stock Exchange as markets close for trading Tuesday, February 6.

Full Video Transcript Below:

J.D. DURKIN: I’m J.D. Durkin, reporting from the New York Stock Exchange.

Stocks were in the green to close out today’s session. The Dow closed up 140 points, the Nasdaq closed fractionally higher, and the S&P closed two-tenths of a percent higher.

Investors are reacting to a batch of earnings reports – Palantir’s stock saw a double-digit increase after beating Wall Street expectations. Spotify also saw a big boost after reporting better than expected results and an increase in premium subscribers.

So far, nearly half of the companies have reported quarterly earnings, and of those, a majority have beaten the Street’s expectations.

In other news – since sports betting became legal in 2018, Americans have wagered more than $300 billion. Well, this weekend’s Super Bowl could see that number rise by $23 billion when the Chiefs take on the 49ers, according to the American Gaming Association. $23 billion is a significant increase from last year’s $16 billion in bets placed, and more than triple what was wagered in 2022.

The A.G.A also predicts that 67.8 million American adults will place a bet on the big game – that’s 26 percent of the U.S. population. And that doesn’t include the 36.5 million people who will place wagers among friends and family.

Of the A.G.A’s data, CEO Bill Miller said, “Our priority remains getting this opportunity right by providing the consumer protections only a regulated market can guarantee and investing in responsible gambling tools, safeguards, and education.”

38 states, Washington D.C., and Puerto Rico now offer regulated sports betting, and roughly two-thirds of Americans live in an area where betting is legal.

That’ll do it for your daily briefing. From the New York Stock Exchange, I’m J.D. Durkin with TheStreet.

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