March Madness Betting Projected To Top $2 Billion

March Madness is officially underway and millions around the country will be betting on the action and filling out brackets as the action on the court plays out. The American Gaming Association (AGA) reports this week that college basketball fans will be betting $2.7 billion on the men’s and women’s tournaments.

That equals 2.2% of the country’s total handle legally wagered in 2023, showing just how popular betting on the annual spring hard-court festivities have become.

“Today, more than two-thirds of Americans are able to wager in their home state with the protections of the regulated market,” the AGA noted. “AGA research conducted last year shows that Americans overwhelmingly support this expansion of the legal market and are quickly migrating to regulated operators.”

Sports Betting Growth

Since the Supreme Court overturned the ban on sports betting outside Nevada in 2018, numerous states across the country have legalized betting which has brought in billions of dollars for state coffers. Now 39 states including Washington D.C. and Puerto Rico have legalized and regulated betting.

According to the AGA, that has been popular development with Americans as 85% of those surveyed agree with the Supreme Court’s decision. Additionally, 77% of American adults back legalization and regulation in their own state.

These moves have also led to greater numbers of Americans moving their wagering into the legal U.S. market. The AGA reports that 77% of online sports bets are now made using regulated operators rather than via offshore, unregulated sites, up from 44% in 2019.

Of those, 90% also plan to keep betting in the legal market in the next year. The March Madness numbers fall in line with the massive betting that was also seen with this year’s Super Bowl, which reached record numbers.

For those looking to plunk down a few bucks on the action, Connecticut and Houston were the favorites on the men’s side, with odds of +370 and +550 according to FanDuel. On the women’s side, South Carolina, LSU, and Iowa lead the pack. The Lady Gamecocks check in at -145 with the Lady Tigers and Hawkeyes at +700.

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