March Madness 2022 Could Become Biggest College Basketball Betting Event

In Las Vegas, one of the busiest weekends of the year is the first weekend of March Madness.

The madness of March has been felt by casinos, sportsbooks, restaurants, bars, and watch parties for a few weeks. They are expected to be crowded during the four-day weekend.

Obviously, March Madness visitors heading to Las Vegas to watch and bet on the games have a lot to consider.

Nevada records a higher amount of money bet on the NCAA Men’s basketball tournament annually than most other sports events. Only the Super Bowl sees a similar level of betting.

The amount of money bet on March Madness nationwide has surged since the Professional and Amateur Sports Protection Act (PASPA) was repealed in 2018. The American Gaming Association (AGA) anticipates that 45 million people will place bets on the tournament across the country. Over $3 billion is expected to be wagered on the NCAA basketball tournament, according to the AGA.

Considering the recent sports betting trend across the nation, it’s unlikely that Nevada will be the state with the highest betting amount on March Madness. New York and New Jersey, being much larger states, often record similar or even higher betting amounts than Nevada.

Pennsylvania and Illinois, despite being larger markets, may not have as established a sports betting scene as other major states where it’s legal. However, the inclusion of these larger, newer markets in legal sports betting will contribute to making this the largest betting event for college basketball.

Betting March Madness Across The Country

The AGA reports that over 17% of US adults, which is around 45 million people, are expected to place bets on March Madness.

The AGA anticipates a total betting amount of $3.1 billion on this year’s March Madness. This estimated betting handle encompasses both bracket wagering and legal US sportsbooks betting.

Americans plan to place more bets with sportsbooks than on brackets, a shift from previous years prior to the expansion of legal sports betting. The American Gaming Association (AGA) anticipates that 76% of wagers will be placed outside of brackets, a significant increase from 55% the previous year.

“Americans persistently express their desire to bet within the safety of the legal, regulated market,” stated Bill Miller, President and CEO of AGA. “Undoubtedly, this year will set a new record for the highest legal bets placed in March Madness history.”

More Legal Sports Betting Around The US

The anticipated rise in March Madness betting at sportsbooks can readily be attributed to the introduction of sports betting in new states. Compared to last year, 29 million more American adults now have the legal right to bet on sports within their own state.

Many of these bettors are not from populous states. For the first time, residents in the states listed below will be able to legally place March Madness bets from the comfort of their own homes:

• Arizona
• Connecticut
• Louisiana
• Maryland
• North Dakota
• South Dakota
• Washington
• Wisconsin
• Wyoming

In total, legal sports betting is available in 30 states and Washington DC during March Madness. After the NCAA basketball tournament, an additional three states will legalize sports betting.

The AGA’s study reveals that Gonzaga, with 17%, is the most favored college to win the tournament. Duke and Kentucky follow as the second and third favored teams, with popularity percentages of 12% and 11% respectively.