• Loading stock data...
Sunday, May 19, 2024

68M Bettors Expected to Wager $15.5B in Bets for March Madness

  • Roughly a quarter of all American adults plan to wager on the tournament.
  • Three-quarters of surveyed online bettors say this will be their first time betting on March Madness online.
The NCAA and Power 5 conferences filed an appeal of a ruling in the House v. NCAA NIL case.
Tommy Gilligan-USA TODAY Sports

With the field of 68 set, casual and hardcore bettors alike can turn their attention toward March Madness — where they’ll be part of a massive contingent wagering on the festivities.

A new survey from the American Gaming Association finds that 68 million American adults — or roughly a quarter of that population — plan to bet a total of $15.5 billion on the NCAA Division I men’s basketball tournament.

Within that figure, 56.3 million plan to enter a bracket contest, 21.5 million plan to bet casually with friends, and 31 million plan to place a traditional bet online, at a retail sportsbook, or with a bookie.

The expanded access to legal sports betting — including, most recently, in Massachusetts — is leading to more novice bettors:

Three-quarters of surveyed online bettors say this will be their first time betting on March Madness online.

U.S. Sportsbooks Get Huge Boost From Super Bowl

Several American sportsbooks reported milestones as a result of the increased traffic.
February 13, 2023

The bettors surveyed are also keying in on certain teams to win the national championship: 9% are backing Kentucky, 8% are on Texas A&M, and 6% are taking either Alabama, Gonzaga, or UCLA.

Given March Madness is a multi-week event, it should be no surprise that there are projected to be more bettors than the Super Bowl (50 million).

However, the magnitude of the Big Game brings out the big bets, as the Super Bowl was projected for $500 million more in handle ($16 billion) than the basketball tournament.

Copy Link
Link Copied
Link Copied

What to Read

The WNBA Rookies Are Creating a New Celebrity Row

Major celebs like Kim Kardashian and Latto are showing up for the newbies.

DSG’s Path to Revival Faces Major Pushback from MLB, NBA, and NHL

Three major pro leagues raise further concerns about the bankrupt Bally Sports parent.

Amazon’s Thursday Night Fever: Banking on Caitlin Clark’s Impact

Clark makes her home debut for the Indiana Fever on Thursday night.

PGA Championship Setting Revenue Records, but LIV Drama Still Looms

The PGA Championship tees off Thursday morning at Valhalla Golf Club.
podcast thumbnail mobile
Front Office Sports Today

MLB, NBA, NHL Broadcasting Future Goes to Court


Featured Today

Michael Block signs autographs on the 18th hole during day three of practice for the PGA Championship at Valhalla Golf Club on Wednesday, May 15, 2024.

‘I Prefer It This Way’: How Life Works for PGA Club Pros

Here’s how life works for the qualifiers at golf’s second major.
February 5, 2019; Washington, DC, USA; The grounds of the Capitol Building empty out following the conclusion of President Donald Trump's State of the Union speech on February 5, 2019.
May 18, 2024

‘A Breathtaking Lobbying Campaign’: The NCAA’s Sophisticated Effort to Save Amateurism

Inside the carefully coordinated, multimillion-dollar operation to end the athletes’ rights era.
May 14, 2024

The WNBA Was Forged in Houston. Why Won’t It Go Back There?

Houston’s a perfect fit for expansion. The league isn’t considering it yet.
May 9, 2024; Indianapolis, IN, USA; Indiana Fever guard Caitlin Clark (22) stands with the team during the national anthem on Thursday, May 9, 2024, during the preseason game against the Atlanta Dream at Gainbridge Fieldhouse in Indianapolis.
May 12, 2024

‘Perfect Storm’: The Rise of Local WNBA Broadcast Pacts

With national attention reaching new heights, regional coverage could dictate the future.


Powered By

Careers in Sports

Looking for a new job? Check out these featured listings and search for openings all over the world.
Live Nation
Multiple - USA Careers
Multiple - USA Careers
Multiple - USA Careers

Former Ohtani Interpreter Pleading Guilty to Bank Fraud, False Tax Return

Ippei Mizuhara faces up to 33 years in federal prison for his crimes.
Mystic Dan
May 6, 2024

Kentucky Derby Roars Back With Big TV Numbers, Inks NBC Extension

The Triple Crown horse race posts an extended set of audience and betting increases.
May 7, 2024

Commissioners Grapple with Power Limits Amid Sports Betting Boom

The NBA’s Adam Silver acknowledges ‘we only have so much control.’

Major League Rugby’s Vision for American Rugby

How Major League Rugby is leading the Rugby renaissance in the U.S.
May 5, 2024

Can ESPN Bet Get on Solid Footing Before Football Season?

Penn Entertainment missed its quarterly estimates.
May 2, 2024

ESPN’s Pat McAfee Jokes About ESPN Bet’s Poor Performance

‘You get knocked down, you come back!’ he said.
May 1, 2024

New Report Shows How Bookie Laundered Ohtani’s Stolen Cash

Ohtani’s stolen money wound up in a Las Vegas casino.
April 17, 2024

NBA’s Lifetime Ban Highlights Surge in Gambling-Related Incidents

The NBA’s lifetime ban on Jontay Porter marks a crescendo of escalating incidents across the industry.