How much is gambled during March Madness? The National Collegiate Athletics Association’s (NCAA) college basketball is underway so take look at how much is expected to be gambled.
March Madness: How Much Is Gambled During The Event?
The March Madness college basketball tournament is one of the most popular sporting events every year in America, and more money is expected to be gambled in 2024 than ever.
With sports betting now permitted in 38 US states and Washington DC, Americans are estimated to gamble over $2.7billion during this year’s March Madness.
However six states in Alabama, Georgia, Hawaii, Minnesota, Missouri and Oklahoma are still waiting to legalise online sports. If legislation is passed in those states, the total amount gambled on March Madness is sure to increase drastically in the future.
According to reports from the American Gaming Association (AGA), there is set to be twice as many bets placed on March Madness than there was on this year’s Super Bowl.
This is due to March Madness having a longer lasting experience for fans of the sport, with 68 teams competing and 134 games over around three weeks.
The style of tournament gives players the chance to wager on multiple games in one day, with bets such as parlays a popular and exciting experience.
One popular tradition that could be a reason why there has been an increase in gambling on March Madness is the “bracket contest”. This is where fans fill in brackets as they look to try guess which team will emerge successful come the end of the tournament.
AGA March Madness Gambling Survey
The American Gaming Association ran a survey regarding the 2023 March Madness recently, so see the findings below.
- 31 million people places traditional bets online, at a sportsbook or with a bookie
- 21.5 million wagered casually with friends or family
- 56.3 million took part in the bracket contest
- 75% of March Madness bettors said 2023 was their first time betting on the event
Tipico sportsbook’s Head of Marketing Brian Becker said: “March Madness is a cultural phenomenon unlike any other because anyone can be a hero. Every year, new storylines captivate a diverse audience and define the fabric of the college basketball world. For fans nationwide, it is a battle between knowledge and pure luck.”
