how much money is bet on march madness
How Much Money is Bet on March Madness?
Experts estimate that US bettors placed around $2.68 billion on March Madness 2024. This surge in betting is due to the increasing number of states legalizing sports gambling.
Estimated Total Betting Handle
The estimated total betting handle for March Madness has seen significant growth in recent years, driven by the legalization of sports betting across numerous states and the tournament’s enduring popularity. While unofficial, projections estimated that Americans would wager upwards of $3.1 billion on the 2022 tournament.
For 2024, experts predicted a slightly lower total betting handle. Eilers & Krejcik Gaming (EKG), a leading research and consulting firm, estimated that US bettors would wager approximately $2.68 billion on March Madness. This figure highlights the tournament’s massive scale even amidst a rapidly expanding legal sports betting market in the United States.
The American Gaming Association (AGA) also conducts annual surveys to gauge betting interest in the tournament. While their figures encompass all forms of wagering, including brackets among friends and office pools, their data further underscores the immense sums of money wagered during March Madness.
Several factors contribute to this massive betting handle. Firstly, the tournament’s structure, featuring 67 games played over a short period, provides ample betting opportunities. Secondly, the single-elimination format, where upsets are common, adds an element of unpredictability that entices bettors. Lastly, the widespread media coverage and cultural significance of March Madness contribute to its popularity as a betting event. As more states legalize sports betting, the total handle for March Madness is expected to continue its upward trajectory in the coming years.
Betting Handle by State
Unsurprisingly, states with established legal sports betting markets tend to dominate the March Madness betting handle. For 2024٫ EKG projected New York to lead the way with an estimated $391.2 million in wagers٫ representing nearly 15% of the nationwide handle. This dominance is attributable to the state’s large population and mature mobile sports betting market.
Following New York, New Jersey and Illinois secured the second and third positions, with projected handles of $311.7 million and $279.5 million, respectively. Both states boast robust sports betting industries and a passionate basketball fanbase.
Interestingly, newly launched North Carolina was projected to generate a significant $221 million in handle٫ securing its position as the fourth largest market for March Madness betting. This surge in activity demonstrates the immediate impact of legalized sports wagering on a state’s betting landscape.
Nevada, known for its long history of legal sports betting, rounded out the top five with an estimated handle of $198.6 million. The remaining states exhibited varying levels of betting activity, reflecting differences in market maturity, population size, and overall interest in college basketball.
Breakdown of Betting Methods
When it comes to how people place their bets during March Madness, in-play wagering reigns supreme. EKG estimated that a whopping 35-40% of the total betting handle for the tournament was placed live during the games in 2024. This makes sense considering basketball’s fast-paced, dynamic nature, which lends itself well to live betting. With momentum swings and constant scoring, bettors are glued to the action, looking for opportunities to capitalize on real-time odds fluctuations.
Interestingly, while same-game parlays (SGPs) have taken the sports betting world by storm, they don’t hold the same allure during March Madness. EKG estimated that only around 5% of the handle came from SGPs. One possible reason for this is the sheer volume of games during the tournament. Bettors might find it overwhelming to build intricate same-game wagers with so many matchups to consider. Traditional parlays, spanning multiple games, seem to be the preferred multi-leg wagering option for March Madness enthusiasts.
This breakdown highlights the evolving landscape of sports betting and how certain events, like March Madness, can influence bettor preferences. While live betting provides an engaging way to experience the tournament, SGPs haven’t quite caught on in the same way as they have with other sports.
Impact of Legalized Sports Betting
The legalization of sports betting across the US has undeniably transformed the landscape of March Madness wagering. What was once relegated to office pools and informal wagers among friends has exploded into a multi-billion dollar industry. As states continue to embrace legal sportsbooks, both online and retail, the financial impact on the tournament is impossible to ignore.
One telling example is the 2024 March Madness tournament, which saw the launch of regulated sports betting in North Carolina just days before tip-off. Experts at EKG projected that North Carolina bettors would wager around $221 million on the tournament, making it the fourth-largest state by handle; This surge in betting activity directly correlates with the increased accessibility and legality of sports wagering in the state.
The trend is clear⁚ as more states embrace legal sports betting, the total handle for March Madness will continue to climb. This influx of revenue not only benefits the sports betting industry but also has implications for state budgets, with tax revenue from gambling often earmarked for education, infrastructure, and other public programs. However, the widespread legalization also raises crucial questions about responsible gambling and the potential for addiction; As the reach of legal sports betting expands, striking a balance between economic benefits and responsible gaming practices will be paramount.