Legal wagers placed at regulated US sportsbooks during the 2022 NCAA Men's Basketball Tournament could exceed $3bn, according to analysts at PlayUSA. They expect the volume of bets placed to fall in a range between $2.5bn and $3bn.
In previous years, the Super Bowl has generated more bets than those placed during March Madness, but analysts now project a new trend developing with March Madness sliding into the top spot.
This year’s projected figure could triple the $1bn in wagers placed during SuperBowl LVI. More wagers were placed on this year’s Big Game than during any other sporting event in US history.
PlayUSA analysts estimated $1.4bn in wagers were placed on last year's NCAA Tournament. Analysts have attributed the rise in projected wagers during March Madness to the growing US gaming market, which has doubled in size during the last 12 months with the expansion of current markets and the launching of new ones.
Sports betting is now legal in 30 states and Washington DC. Only a handful of states have restrictions in place when it comes to betting on in-state college sporting events, including Illinois, New Jersey, and Virginia. The state of Oregon has a current ban in place that prohibits betting on any college sports.
According to the US Census Bureau’s estimates for 2021, nearly 163 million people live in states that offer legal sports betting, a significantly larger number than the 116 million who were living in legal jurisdictions during last year’s NCAA Tournament.
