AGA forecasts $15.5 billion in wagers on March Madness 2023

The American Gaming Association (AGA) said it expects 68 million Americans to wager $15.5 billion during March Madness, which begins Tuesday.

68 million participants means one million people for each team participating in the tournament and is 18 million more than the number of people who bet on Super Bowl LVII.

21.5 million will place bets with their friends

According to a study conducted by Morning Consult on behalf of the AGA, 31 million Americans place bets with an online or retail sports bettor or bookmaker, and 21.5 million place bets with their friends. Another big part of March Madness is bracket pools, and according to the AGA, 56.3 million college basketball fans will participate in the endeavor.

Houston is the favorite to win this year’s tournament, while Alabama and Kansas are close behind. Purdue, UCLA, Gonzaga and other programs are among the closest competitors.

AGA CEO and President Brad Miller attributed the positive estimates to the spread of legal sports betting.

“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,” Miller said.

Massachusetts just rolled out its online sportsbook marketplace last Friday to pair with its retail environment, which opened on January 31st. Ohio and Kansas legalized sports betting, while Maryland expanded into online sports betting since March Madness ended in 2022. Las Vegas will also host games in the West Region for the first time.