68 million Americans are expected to bet on March Madness

The fields of the men’s and women’s NCAA tournament were unveiled Sunday night to give basketball junkies a shot Dive into this year’s brackets. Plenty of bettors are already studying the matchups, with 68 million American adults expected to bet at this year’s NCAA Men’s Division I basketball tournament, according to a survey by the American Gaming Association.

The AGA survey estimates these bettors will bet $15.5 billion on the event. The total number of bettors is expected to be higher than the 50 million people the AGA predicted to bet on the Super Bowl, but the NCAA tournament’s predicted amount is about $500 million less than the Super Bowl forecast.

“March Madness is one of the finest traditions in American sports — and America’s busiest contest,” said Bill Miller, AGA President and CEO, in a press release. “Crucially, the expansion of regulated sports betting over the past five years has provided protection to more than half of American adults who can now legally bet in their home market.”

Legal sportsbook is available in over 33 states and Washington, DC, Massachusetts is the latest company to launch legal mobile sportsbook, with digital platforms going live in the state last week.

Bracket competitions still popular

Increased opportunities for Americans to legally bet on sports hasn’t ruined the popularity of bracket competitions. The AGA poll, conducted by Morning Consult and surveying a national sample of 2,200 adults, estimates that 56.3 million Americans plan to compete in a bracket competition.

College basketball fans are on the hunt for the perfect bracket every year. The odds are not in their favor.

“Perfection is basically impossible,” said one mathematician. “It’s out of the question.” pic.twitter.com/rTKEwOBTNE

— The New York Times (@nytimes) March 12, 2023

Additionally, 31 million Americans expect to place a traditional sports bet through either a mobile sportsbook, retail location or bookmaker. More than 20 million Americans are expected to bet casually with friends.

Miller pointed out that regardless of how fans invest money in NCAA tournament play, they should do so while following responsible gaming best practices.

“In light of the excitement surrounding March Madness, the AGA and our members would like to remind everyone involved in the promotion to have a game plan to bet responsibly,” Miller said. “That means setting a budget, knowing the odds, keeping it social and always playing legal.”

John Caliparis’ Kentucky Wildcats, a No. 6 in the tournament’s east region, was the most popular choice (9%) among respondents to win the national championship. Admittedly, the poll was conducted March 1-3, so respondents were unaware of the NCAA tournament draw. Texas A&M (8%), Gonzaga, UCLA, and Alabama (all 6%) were also popular favorites.

FanDuel sees Houston (+500) as the betting favorite to participate in the event, although Marcus Sasser’s health could determine the Cougars’ fate. Alabama (+800), Kansas (+1000), and Purdue (+1200) are also considered the top national title contenders on FanDuel. Kentucky’s national title ratings are +3400.