Americans are planning to bet some $3.1bn on this year’s NCAA Men’s Division I Basketball Tournament, according to a new survey from the American Gaming Association (AGA).
With legal sports betting having reached 30 states plus Washington, DC, it is no surprise the total dollar amount bet is expected to set a record.
Just minutes after the 68-team bracket was revealed Sunday, the AGA released the study, which Morning Consult conducted online on behalf of the AGA on February 26-27.
The company said it took a national sample of 2,210 adults. The data were weighted to approximate a target sample of adults based on age, race/ethnicity, gender, educational attainment and region.
Morning Consult said the margin of error is +/- 2%, although greater among subgroups. Bettors include those who expect to place a bet online, with a bookie, with a casino sportsbook, casually with family or friends or as part of bracket contest.
More than 45 million American adults, or 17 percent, told Morning Consult they plan to wager on March Madness this year. Some 20.9 million Americans expect to bet on the tournament outside of bracket contests, meanig at a retail sportsbook, online, with a bookie or casually with friends, while 36.5 million Americans will wager via a bracket contest or similar pool.
The study found those looking to bet plan to place a greater share of their wagers through non-bracket channels. Of their total betting budget on this year’s tournament, Americans expect to place 76% of their wagers outside of brackets, up from 55% last year.
Since last year’s tournament, 29 million more American adults can legally wager in their home state compared to March Madness 2021 – with Arizona, Connecticut, Louisiana, Maryland, North Dakota, South Dakota, Washington, Wisconsin and Wyoming launching new legal sports betting markets.
Bettors named Gonzaga (17%) as their favorite to win the tournament, followed by Duke (12%) and Kentucky (11%).
“Americans continue to make it clear: they want to wager with the protections of the legal, regulated market.” AGA President and CEO Bill Miller said in a statement. “There’s no doubt this year will generate the highest legal handle in March Madness history.”
Miller added: “There is nothing more thrilling in sports than the magic of March Madness. If you are 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.”
