As we enter the third day of the 2023 NCAA Basketball tournament, things are already heating up. While basketball bettors have not seen any major surprises so far, the sports gambling industry is expecting different story. This is because American will Wager $15.5 Billion on March Madness for a record-breaking year.
In comparison to last year, this is a 500% increase in March Madness wagers over 2022. This is because last year, the sportsbook industry saw $3.1 billion wagers.
According to Sportsbook PPH news, the reason behind the increase in betting is not because of an increase in popularity. Instead, it is because more Americans are able to legally bet on March Madness this year.
During the 2022 NCAA Basketball tournament, residents of 29 states and Washington D.C. could legally bet on the tournament. However, this year is a different story as Kansas, Maryland, Massachusetts and Ohio now have legal gambling. Thus, the numbers of states with legal sports betting has grown to a total of 33 states.
The America Gambling Association (AGA) estimates that this translates into 68 million Americans betting on the march Madness. In comparison to 2022, that is a 13 million increase in people gambling on the tournament.
American will Wager $1.5 Billion on March Madness – Breaking Down the Numbers
According to the AGA, 31 million Americans will be placing their March Madness wager with a sportsbook or a bookie. Needless to say, with the increase in wagers, March Madness is the perfect time to become a bookie. This is because it is an 11 million increase over 2022.
On a more recreational basis, 21.5 million American adults will just bet amongst friends and family. While the number Of course, the biggest draw will be the March Madness bracket contest. In fact, 56.3 million Americans intend on filling out a bracket this year. In comparison, last year 36.5 million Americans took part in a March Madness bracket contest or pool.
Interestingly enough, despite Houston being the favorite to win the tournament, the majority of people are betting on Kentucky. So far, 9% of gamblers are betting on Kentucky to win the national title while 8% on Texas A&M.