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The madness of sports gambling on the NCAA Tournament
22 March 2023
This week's gambling news from J. Todd is all about the madness behind sports betting on the NCAA basketball tournament.
In fact, did you know that, more people will bet on the NCAA hoops tourney than the Super Bowl, due in large part to the growth of sports betting regulation across the U.S. It’s estimated that over $15 billion will be bet on March Madness from nearly 70 million gamblers across the country, according to the American Gaming Association.
Three-fourths of online bettors say this will be the first time they bet on the NCAA basketball tournament online. In total, it’s expected that the total wagers will fall in the $15-billion-dollar range for March Madness, which is only $1 billion less than bettors placed on the Super Bowl.
“March Madness is one of the best traditions in American sports—and America’s most wagered-on competition,” according to AGA President and CEO Bill Miller. “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.”