According to the American Gaming Association (AGA), the addition of Ohio and Massachusetts to the US’s sports betting industry will help drive March Madness wagering to more than $15.5 billion.
The AGA found that over 68,000,000 adults, or 25% of all Americans, intend to wager over $15.5 billion on the NCAA Division I basketball tournament.
This amount is almost equal to New York’s entire sports betting handle in 2022.
It is a dramatic rise from March Madness 2022 predictions when the AGA estimated that around 17% would bet $3.1bn for the tournament.
“March Madness, one of America’s best traditions–and America’s most wagered on competition,” stated Bill Miller, AGA President and CEO. “Critically the recent expansion of legalized sports betting has provided safeguards for more than half the American adult population who can legally bet in their home markets.
New market launches, such as those in Ohio, Massachusetts and Kansas, will boost the numbers ahead of the tournament. Kansas has a strong college team that is expected to do well.
The AGA reported that more than three quarters of respondents said they would be betting March Madness for their first time. It also noted that bracket contents are gaining popularity and that this is driving the increase in bettors.
According to Morning Consult, 31, million Americans will place traditional sports bets online, at a sportsbook or bookie.
21.5 million people plan to play casually with their friends and 56.3 million will participate in a bracket competition with others.
The AGA and its members remind everyone who is participating in March Madness to make a plan and be responsible. Miller said that this means having a budget, knowing your odds, being social and playing legal.
