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2023 March Madness Wagering Estimates
March 12, 2023
A quarter of all American adults (68 million) plan to wager $15.5 billion on this year’s NCAA Men’s Division I Basketball Tournament, according to a new survey from the American Gaming Association (AGA).
The growth in March Madness betting is driven by a resurgence of bracket contests as well as Americans taking advantage of the expansion of legal online wagering. Three-fourths of online bettors say this will be their first time betting on March Madness online.
While 18 million more American adults plan to wager on March Madness compared to last month’s Super Bowl, Americans are expected to wager half a billion dollars less on the tournament than they planned to wager on the Big Game.
“March Madness is one of the best traditions in American sports—and America’s most wagered-on competition. Critically, the expansion of regulated sports betting over the past five years has brought safeguards to more than half of American adults who can now bet legally in their home market.” - AGA President and CEO Bill Miller
