The teams playing in the NCAA Men’s Division 1 Basketball Tournament were revealed Sunday; now, the real fun begins.
And not only at tournament sites where colleges and universities from Miami, Florida to Spokane, Washington, will vie for the championship.
It’s expected that 17% of American adults will wager $3.1 billion on this year’s version of March Madness, according to a survey released Monday by the American Gaming Association.
“Americans continue to make it clear: they want to wager with the protections of the legal, regulated market,” said AGA President and CEO Bill Miller in a statement. “There’s no doubt this year will generate the highest legal handle in March Madness history.”
Of the 45 million adults expected to bet on the tournament, 20.9 million will wager at retail sportsbooks, online, with bookies or casually with friends. Also, 36.5 million will wager on March Madness via bracket contests or similar pools.
Americans are expected to spend 76% of their betting budgets outside of brackets, up 55% from last year.
With new jurisdictions legalizing sports betting since last year’s tournament, 29 million more adults can legally wager on March Madness. Arizona, Connecticut, Louisiana, Maryland, North Dakota, South Dakota, Washington, Wisconsin and Wyoming are the new sports betting markets.
“There’s nothing more thrilling in sports than the magic of March Madness,” Miller said. “If you’re getting in on the action, have your game plan to bet responsibly. That means setting a budget, keeping it fun, learning the odds and playing legally.
Gonzaga, runner-up two of the past four years the tournament was held, is favored by 17% of bettors. Duke, with coach Mike Krzyzewski retiring after 42 years at the university, is favored by 12% of bettors, followed by perennial contender Kentucky (11%).
