Why Elon Musk and Mark Cuban are not betting on Super Bowl 58 with Americans expected to splash $23,100,000,000 on 49ers vs Chiefs

Billionaires Elon Musk and Mark Cuban won't be betting on Super Bowl 58 this Sunday.

The two are among the moneyed people in the world but aren't fond of burning and gambling money away.

On Sunday, Musk explained that because of "plenty of other risky things going on," he won't be betting on Super Bowl 58, per TMZ. The CEO of Tesla Motors spent $44 billion to buy X (formerly Twitter), so he does take financial risks.

Cuban explained he's not allowed to bet on NBA games because of his stake in the Dallas Mavericks. He isn't sure if that extends to the NFL. So, Cuban would rather skip the hassle and not worry about potential problems by betting on Super Bowl 58.

However, according to a survey by the American Gaming Association (AGA), $23.1 billion should be wagered on the Super Bowl, up from $16 billion last year.

Who is favored to win Super Bowl 58?

Super Bowl 58 will kick off on Sunday at 6:30 p.m. ET at Allegiant Stadium in Las Vegas as the San Francisco 49ers take on the Kansas City Chiefs.

San Francisco is currently a two-point favorite to defeat the Chiefs to win Super Bowl 58 on Sunday, a rematch of the 2020 Super Bowl.

Being the underdog has become usual for the Chiefs, who were underdogs against the Buffalo Bills and Baltimore Ravens. Yet, quarterback Patrick Mahomes says being overlooked has helped fuel them.

"It kind of lit a fire under some guys, including myself," Mahomes said, via TSN. "At the end of the day, it's playoff games. You want to win. This is what you play for and I think that fire — regardless of if we were an underdog or not — would have been lit, because this is the time of year that you work for, and you put in those hard practices for."

"I think we have that mindset that if we're going to practice the way we do, and we work the way we work, we're not going to let it slide. We're going to maximize our opportunity every time we’re out there.”

Although the 49ers are favored to win the game, they made it clear they aren't overlooking the Chiefs, per George Kittle.

“They should have all the attention,” Kittle said. “I think they're very used to it. I don't think it's a distraction for them. But while we might be under the radar, I guess, to people on the outside, I think the Chiefs are very aware that we're not."

The Chiefs beat the Baltimore Ravens to advance to the Super Bowl, while San Francisco defeated the Detroit Lions.