The American Gaming Association estimates that Americans will bet $4.76 BILLION on the Super Bowl this year. That's a staggering number . . . but it doesn't mean that all the heavy-hitters are making it rain in Las Vegas.
Only 3% of those bets will be legal, meaning that a whopping 97% of the money is being leveraged overseas in unlicensed sportsbooks and other illegal venues.
The AGA is a lobbying group representing the casino industry . . . so naturally they're spinning this insanity as a missed opportunity for the U.S. They want legalized gambling to be a nationwide thing.
The AGA says, quote, "Thanks to the failed federal ban on sports betting, Americans are sending billions of their hard-earned dollars to corner bookies, shady offshore operators, and other criminal enterprises."
For what it's worth, the estimates are basically on par with last year, when $4.7 billion was wagered on the Super Bowl. They're expecting a slight bump this year, hence the extra $60 million in the estimate.