2024 MARCH MADNESS
How much money is bet on NCAA basketball games? Crazy amount spent on March Madness wagers
A new report by the American Gaming Association shows that the gaming industry has set a new revenue record for the third consecutive year.
With the start of March Madness, the fortunes of sports betting companies are in for a windfall. A new report by the American Gaming Association shows that Americans will legally wager $2.72 billion on the Men’s and Women’s NCAA Tournaments, representing 2.2% of all the money legally wagered in the country last year.
With five states legalizing online sports betting in the last year, the amount wagered this year is expected to raise the bar even further.
The AGA reckons that one quarter of the US adult population placed a bet during last year’s March Madness for a total of $15 billion. For 2023, the AGA says that:
- 31 million people placed traditional bets online, at a sportsbook or with a bookie
- 21.5 million bet casually with friends
- 56.3 million participated in a bracket contest
- 75% of bettors said 2023 was their first-time betting on March Madness
Tipico sportsbook’s Head of Marketing Brian Becker says, “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. For fans nationwide, it is a battle between knowledge and pure luck.”
Caesars Sportsbook Assistant Director of Trading Adam Pullen agrees, saying, “Everyone knows what March Madness is. It’s part of the fabric of this country. A unique event. My daughter fills out a bracket. It’s part of the national culture.”