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Americans To Bet A Record $23 Billion On Super Bowl

Nearly 70 million Americans are expected to bet a record $23.10 billion U.S. on this weekend’s Super Bowl contest between the Kansas City Chiefs and San Francisco 49ers.

The figures come from the American Gaming Association and include bets placed with legal outlets, as well as with illegal bookies and online operations in foreign countries.

In all, about one in four (25%) of American adults plan to place a bet on this year’s Super Bowl football championship game, setting new all-time records by nearly every metric, according to the gambling industry’s trade association.

Americans are tracking to bet $23.10 billion U.S. on the Super Bowl taking place on Feb. 11, up 44% from $16 billion U.S. last year. The volume of betting is forecast to rise 35% from last year.

The increase in gambling on the big game comes as a growing number of U.S. states legalize sports betting. Today, sports betting is legal in 38 states, as well as Washington, D.C.

The increase in wagers also comes as online sports betting sites such as FanDuel and DraftKings (DKNG) grow in popularity throughout the U.S.

This year’s Super Bowl is a rematch between the Kansas City Chiefs and San Francisco 49ers, who faced each other in the championship game four years ago.

The 49ers are favored by 2.5 points among Las Vegas odds makers, meaning that they have to win the game by three or more points for bets on them to be winners.

Individual bettors who were surveyed are split on the outcome of the game, with 47% planning to bet on the Kansas City Chiefs and 44% planning to place a bet on the San Francisco 49ers, according to the American Gaming Association.