During March Madness an Estimated $2.72 Billion Could Be Wagered on the NCAA Men’s and Women’s Basketball Tournaments at American Sportsbooks

USA (March 18, 2024) — The NCAA basketball tournament, often referred to as March Madness, indeed stands as one of the most significant events in the United States sports betting landscape. According to an analysis by the American Gaming Association (AGA), an estimated $2.72 billion could be wagered on the NCAA men’s and women’s basketball tournaments at American sportsbooks. This estimate surpasses the betting volume observed during the Super Bowl, which is traditionally one of the most-watched and wagered-upon sporting events in the country.

Dave Forman, head of research at the AGA, provided insights into the methodology behind this estimate, indicating that it was derived from monthly sports betting revenue reports published by states. Notably, the analysis focuses solely on bets placed on NCAA tournaments, excluding conference tournaments. Forman emphasized that the analysis concentrated on the legal sports betting market, which has experienced substantial growth over the past five years and is now available in nearly 40 states.

While specific figures for men’s and women’s games were not disaggregated at the state level, major sportsbooks such as DraftKings, FanDuel, and Tipico reported significant year-over-year growth in bets placed on women’s regular-season games. This suggests a growing interest and engagement in women’s college basketball among sports bettors.

In terms of favorites for the upcoming tournaments, UConn is the betting favorite to win the men’s tournament, with odds of +450 on ESPN BET. On the other hand, South Carolina holds the status of the betting favorite to win the women’s tournament, with odds of -130. These odds reflect the perceptions and expectations of sports bettors and analysts regarding the potential outcomes of the tournaments based on team performance and other relevant factors.

SOURCE: LI Contributor.