Saturday December 9, 2023

Men’s March Madness Sports Betting Could Hit At Least $3B

  • Legal sports betting in the U.S. for the tournament could reach — or perhaps surpass — $3 billion, according to at least two studies.
  • A third group suggested it could reach $10 billion.
(March-Madness-Betting)
Kirby Lee-USA TODAY/Design: Alex Brooks
Linkedin
Copy Link
Link Copied
Link Copied

The NCAA Division I men’s basketball tournament tips off Tuesday, and it’s already shaping up to be a historic one — for sports betting, at least.

Legal sports betting in the U.S. for the tournament could reach — or perhaps surpass — $3 billion, according to at least two studies. A third group suggested it could reach $10 billion.

The Big Dance often draws more betting activity than the Super Bowl, per PlayUSA. But this year, it could notch three times the amount of Super Bowl bets — and break a betting record for U.S. sporting events.

  • Because of the tournament’s popularity and condensed schedule, it’s always a top sports betting event, PlayUSA.com analyst Eric Ramsey said.
  • This year, sports betting is legal in several more U.S. states than it was last year — including record-breaking New York — and most states have little, if any, restrictions on college sports betting.
  • “This year will easily shatter the record for the most bet-on event set last year,” Ramsey said.

About 45 million people will likely participate, according to the American Gaming Association’s study, conducted with Morning Consult. They’ll place about 76% of bets outside bracket challenges — a significant uptick from last year. 

New Industry Partnerships

The gambling industry was always considered taboo in college sports. Now, it’s infiltrated NCAA sports in more ways than one. 

In addition to fans betting more on college sports, sports betting operators have partnered with high-profile athletic departments and athletes. Gambling watchdogs have stepped in, too.

Linkedin
Copy Link
Link Copied
Link Copied

What to Read

Seven State AGs Sue NCAA Over Transfer Eligibility Rule

They say the NCAA’s one-time transfer reform didn’t go far enough.
Two federal lawmakers from Florida have asked the CFP for more transparency in its decision-making process after FSU's omission from the playoff.

Florida’s Federal Lawmakers Are Going After the College Football Playoff

Rep. Gus Bilirakis and Sen. Rick Scott have both made statements.
Five professional sports labor unions have endorse college athletes becoming employees.

Five Pro Sports Unions Endorse College Athlete Employment

The MLBPA, NFLPA, NBPA, NHLPA, and MLSPA weighed in.
podcast thumbnail mobile
Front Office Sports Today

Golf World in Chaos After Jon Rahm Joins LIV

0:00
0:00

Featured Today

The College Football Playoff is considering rotating TV networks for the national championship game.

CFP Considers Super Bowl-Like Rotation For National Championship Game

Multiple networks could share rights to the championship game, sources told FOS.
Brett Favre
November 27, 2023

Favre Welfare Case Hold-Up? “AG’s Office Has Not Expressed Interest In Pursuing”

The DOJ interviewed Brett Favre in early 2020.
The future of the Pac-12 rests on a court decision.
November 24, 2023

The Pac-12 Plays Its Final Regular-Season Game. Then A Court Decides Its Fate.

The conference’s future rests with a court decision.
Lane Kiffin
November 9, 2023

Ole Miss, Lane Kiffin Lawyers Argue for Dismissal of Player Lawsuit

FOS obtained audio of Lane Kiffin’s interaction with the player behind lawsuit.

Careers

Powered By

Careers in Sports

Looking for a new job? Check out these featured listings and search for openings all over the world.
FanDuel
Multiple Locations
Adidas
Multiple Locations
Creative Artists Agency
Multiple Locations
FanDuel

FanDuel Parent Sets NYSE Listing Days Before Super Bowl

Flutter Entertainment looks to expand U.S. presence with stock listing.
November 20, 2023

Las Vegas GP Smashes Records For Sportsbooks

High-profile Formula 1 event proves to be popular with bettors.
November 21, 2023

U.S. Sports Betting On Pace To Hit $100B In Wagers

Sports wagering activity accelerating to unprecedented levels.
Sponsored

NHL’s Chris Foster on Amplifying Content Distribution With Automation

Learn how the NHL is using WSC Sports to increase fan engagement.
ESPN Bet
November 20, 2023

ESPN Treads Lightly with Promoting Its Own ESPN Bet

The much-anticipated first weekend didn’t lead to over-the-top promotion.
November 17, 2023

ESPN Bet Wants To Challenge the Sports Gambling Duopoly. What Are Its Chances?

ESPN Bet is live in 17 states after launching this week.
ESPN Bet
November 15, 2023

ESPN Bet Offers Familiar Feel, Hefty Promotions at Launch

PENN rolled out its reskinned Barstool app on Tuesday.
November 13, 2023

ESPN Bet’s ‘Blueprint’ For Success Has An Unexpected Origin Story

PENN Entertainment looks to replicate success seen with Canada’s theScore.