2024 March Madness: Inside America's Betting Frenzy

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What do Americans love more than watching the NCAA March Madness basketball tournament?

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Gambling on it.

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According to the American Gaming Association, the total wagers on all sports through legal wagering sites exceeded $121 billion in 2023, up 30% from the previous year. After paying out winnings, sports wagering sites took home $11 billion in revenue in 2023, up from $7.5 billion the previous year.

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And now sports betting is more accessible than ever.

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For the sixth straight year, the number of states allowing legal sports betting has expanded since the last rendition of March Madness, per NBC News. People can legally bet on the basketball games in 38 states and the District of Columbia.

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As a result, the American Gaming Association estimates that $2.7 billion will be legally wagered this year on the NCAA men’s and women’s March Madness tournaments, up from $300MM in 2018.

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The $2.7 billion payday is enormous for sports gambling operators, but it also represents an uncaptured opportunity and highlights the proliferation of illegal/offline bets. The total projected wager on March Madness is $15.5 billion, indicating that most people are still betting through offshore sportsbooks, bracket groups, and casually with friends.

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So, who is the winner of March Madness? Sports gambling operators—but with an asterisk since the payday should be more.

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