1 Mbit is roughly around 100/120Kbytes/sec transfer... Activate accounting and conntracking on your firewall and see for yourself. I see my router port reporting around 800Kbps where I have the PS4 connected and the traffic is around 600/800Kbytes / sec which will go roughly around 8Mbits.
That's nearly 4 times more than a game with a server/client architecture. I don't mind putting down a few graphics, but everyone can see it (assuming they know how to get the info from their devices).
Please check it by yourself....
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Don't confuse bytes with bits. read the article.