An estimated $2.72 billion could be wagered on the NCAA men’s and women’s basketball tournaments with American sportsbooks, according to an analysis released Thursday by the American Gaming Association.

The $2.72 billion estimate is nearly twice as much as is believed to have been wagered on this year’s Super Bowl ($1.4 billion), according to Dave Forman, head of research for the American Gaming Association (AGA), the Washington, D.C.-based lobbying group that represents the casino industry.

Forman said the AGA’s analysis was based on the monthly sports betting revenue reports released by states, and only bets placed on the NCAA tournaments — not conference tournaments — with U.S. sportsbooks were included in the estimate.