The upcoming NCAA Basketball Tournaments promise to be a slam dunk for both fans and sportsbooks. Americans are projected to wager a record-breaking $2.72 billion legally on the Men's and Women's brackets combined. This significant surge surpasses the $1.5 billion wagered on the 2023 Super Bowl, highlighting the immense popularity of March Madness.
March Madness is a cultural phenomenon unlike any other because anyone can be a hero; every year, new storylines captivate a diverse audience and define the fabric of the college basketball world
Brian Becker, SVP of Marketing, Tipico Sportsbook
A Growing Appetite for Legal Betting
The American Gaming Association (AGA) attributes this estimated windfall to two key factors: the ever-increasing popularity of March Madness and the expansion of legal sports betting across the United States.
Previously, a large portion of March Madness betting occurred through unregulated channels. However, with five additional states legalizing sports betting in the past year, bringing the total to 38 states and D.C., fans now have more opportunities to wager legally and safely.
This shift is particularly interesting in North Carolina, a state with a rich basketball tradition and home to powerhouses like Duke, North Carolina, and N.C. State. With these teams expected to make strong showings, the Tar Heel state is poised to be a hotbed for legal betting activity.
Legal Betting Outpaces the Super Bowl
Dave Forman, Head of Research at the AGA, emphasizes the surge in legal betting. He points to the AGA's commercial gaming revenue database as a key source of data, which tracks historical betting trends across various states.
By analyzing this data and factoring in the expanding sports betting landscape, Forman's team was able to arrive at the $2.72 billion estimate. Industry experts like Derek Stevens echo this sentiment, highlighting that legal betting activity during the first week of the NCAA Tournaments already surpasses the Super Bowl.
Stevens attributes this to the fast-paced, unpredictable nature of March Madness, where multiple games are played each day, creating a continuous stream of betting opportunities for fans. As more states allow the act of sports betting and the overall market matures, this trend is likely to continue, establishing March Madness as the biggest legal betting event of the year in the United States.
Fan Engagement Beyond the Bracket
The data suggests a growing national obsession with March Madness. Fans are not just passively watching games and filling out brackets; they're actively engaged through legal betting throughout the entire tournament. In-game wagers allow fans to react to the momentum shifts and surprise performances that are hallmarks of March Madness.
They can place a bet on a suddenly hot team, hedge their bets on a close game, or ride a Cinderella team's unexpected run deep into the tournament.
Whether fans are backing their favorite teams, chasing potential upsets, or simply enjoying the tournament's unpredictable nature, March Madness is a cultural phenomenon that transcends casual viewership. It's an interactive experience that allows fans to feel like they're part of the action, adding another dimension to the excitement of college basketball's biggest event.
Underdogs, upsets, and Unexpected Heroes
With the reigning champions UConn (+450) and South Carolina (-130) currently favored to win the Men's and Women's Tournaments, respectively, there's still plenty of room for exciting upsets. A OnePoll survey of over 2,000 basketball fans revealed that they anticipate spending an average of $457 on the tournament, encompassing everything from watching parties and creating brackets to placing bets.
The survey also found that by the 2nd half of the tournament, most fans had abandoned their hopes of a perfect bracket, a testament to the unpredictable nature of March Madness. This captivating blend of excitement, drama, and the potential for Cinderella stories unfolding on the court keeps fans glued to their seats throughout the entire tournament.