The annual NCAA basketball tournament tips off this week and the American Gaming Association (AGA) estimates that Americans will wager more than $2.7 billion on men’s and women’s March Madness.
That works out to the equivalent to 2.2% of the country’s total handle legally wagered in the U.S. in 2023. The surge in sports betting and legalization in states across the country over the last few years has led to record-setting betting numbers and making a legal wager is now easier than ever.
“Today, more than two-thirds of Americans are able to wager in their home state today with the protections of the regulated market,” AGA officials noted in announcing the March Madness estimates. “AGA research conducted last year shows that Americans overwhelmingly support this expansion of the legal market and are quickly migrating to regulated operators.”
Americans Agree with Sports Betting Legalization
The numbers also offered a look into Americans’ attitudes toward sports betting. American sports betting greatly changed in 2018 when the Supreme Court struck down the Professional and Amateur Sports Protection Act (PASPA), which created a virtual ban on betting outside the state of Nevada.
Sports betting is now legal in 38 states and Washington D.C. Betting is also legal in the U.S. territory of Puerto Rico. March Madness is one of Americans’ biggest betting events and the AGA expects that to be as big as ever with bettors wagering online, at live sports books, and through bracket competitions with friends and family. To calculate the $2.7 billion wagering estimate, the AGA leveraged its Commercial Gaming Revenue Database.
“The analysis is based primarily on historical state regulatory data related to college basketball handle and the continued growth of the overall sports betting market,” the AGA noted.
The association notes that 85% of American adults agree with the Supreme Court’s original decision legalizing sports betting. Also, 77% of American adults support legalization in their own state.
The AGA also noted that expansion across the U.S. has also meant more bettors using the legal market instead of unregulated offshore sites or traditional “bookies.” The report noted that 77% of online sports bets are placed through regulated operators, up from 44% in 2019.
That has translated many Americans completely abandoning the unregulated market, according to the report. Nine in 10 bettors who place most of their bests legally intend to stay within the legal, regulated market in the next year. Currently, even more U.S. states are considering legalizing wagering.
As Americans get ready to check out the hard court action, the AGA encouraged bettors to wager responsibly and encouraged bettors to check out the group’s “Have a Game Plan” campaign to stay safe and avoid overdoing it.
“Before you wager, make sure you’re betting with trusted, legal operators,” the AGA noted. “Check out our interactive sports betting map to find regulations where you live.”
