Get ready, basketball fans! March Madness is back and bigger than ever! According to the latest survey by the American Gaming Association, a whopping 68 million American adults, or a quarter of all adults in the country, are planning to place bets worth a staggering $15.5 billion on this year’s NCAA Men’s Division I Basketball Tournament.
The survey revealed that 31 million adults would place traditional sports wagers online, at a retail sportsbook, or with a bookie. At the same time, 21.5 million plan to bet casually with friends, and 56.3 million will participate in bracket contests.
“March Madness is an American sports tradition and the most heavily bet-on competition in the country,” said AGA President and CEO Bill Miller. “Thanks to the expansion of regulated sports betting over the last five years, now over half of the American adults can bet legally in their home market, which has introduced important safeguards for responsible betting.”
Regulated sports betting drives March Madness growth
The popularity of March Madness betting is rising, thanks to a resurgence of bracket contests and the expansion of legal online wagering. Three-quarters of online bettors say they will be betting on March Madness online for the first time.
Although 18 million more American adults will place bets on March Madness compared to last month’s Super Bowl, the prediction is that the total amount wagered on the tournament will be half a billion dollars less than that of the Big Game.
This year’s March Madness, featuring 67 games over three weeks, will be the first to have Las Vegas as a regional host location. Since last year’s tournament, retail and mobile sports betting markets have opened in Kansas, Massachusetts, and Ohio, and Maryland has introduced mobile wagering.
“As excitement builds for March Madness, the AGA and its members urge those participating in betting responsibly by having a game plan. This includes setting a budget, being knowledgeable about the odds, keeping it social, and always betting legally,” added Miller. So, whether you’re a die-hard basketball fan or just looking to get in on the action, remember to bet responsibly and enjoy the madness!
As sports betting grows popular, staying up-to-date and betting responsibly is essential. Platforms like EkstraPoint offer an excellent resource for sports bettors, providing news, analysis, and betting site reviews to help users make informed decisions and bet safely. So, whether you’re a seasoned bettor or new to the game, check out EkstraPoint for all your sports betting needs.