March Madness expected to produce prolific business for Las Vegas and beyond
The opening days of March Madness are historically the busiest of the year for Las Vegas sportsbooks and this year should be no different.
Despite the growing availability of legalized sports betting elsewhere in the country, Las Vegas is positioned for another prolific NCAA Tournament.
Last year Nevada sportsbooks took in March basketball handle of $495m.
David Strow, VP of Corporate Communications for Boyd Gaming, tells Gaming America: “You have a lot of customers who have been coming to Las Vegas for years. It’s been a tradition for them. They have a hotel they like to go to. They have a sportsbook they like to go to with their friends to watch March Madness. So you’re going to see those customers wanting to return to Las Vegas to have that long weekend.”
A year ago New Jersey was the only other state with live legalized sports betting, and sportsbooks did well, pulling in $100m of NCAA Tournament handle.
Sports betting has rapidly spread since then, and a handful of states including Montana, Michigan and Illinois are rushing to launch wagering ahead of March Madness.
The competition should be good for business everywhere.
David Forman, Senior Director of Research for the American Gaming Association, tells GA: “It’s definitely a case of growing the pie rather than dividing it up, so I think everybody has been able to do well without cannibalizing too much state to state.”
A full rundown on March Madness gambling projections will appear in Gaming America’s March/April issue.
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