March 15, 2023
Estimates from the American Gaming Association are that over $15 billion will be bet on March Madness this year, and that from nearly 70 million gamblers across the country. The growth of bets on the NCAA tournaments has been driven by a resurgence of bracket contests as well as Americans taking advantage of the expansion of legal online wagering.
Three-fourths of online bettors say this will be the first time they bet on March Madness online. While 18 million more American adults plan to wager on March Madness compared to last month’s Super Bowl, Americans are expected to wager half a billion dollars less on the tournament than they planned to wager on the Big Game.
AGA President and CEO Bill Miller stated that “March Madness is one of the best traditions in American sports—and America’s most wagered-on competition. Critically, the expansion of regulated sports betting over the past five years has brought safeguards to more than half of American adults who can now bet legally in their home market.”
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