AGA: Turnover on March Madness Bets to Exceed $ 15 Billion

According to the American Gaming Association (AGA), a quarter of adult Americans intend to place bets on the National Collegiate Athletic Association (NCAA) basketball tournament, better known as March Madness.

The AGA’s forecast is based on the results of an online survey conducted by Morning Consult from March 1-3 among a sample of 2.2 thousand American adults. The research data indicates that 68 million Americans will collectively wager $15.5 billion on March Madness, including:

• 31 million planning to place online bets or make wagers at a land-based sportsbook;
• 21.5 million intending to participate in a pool with family or friends;
• 56.3 million planning to predict the winning teams in the men’s NCAA basketball tournament.

Although more Americans plan to bet on March Madness than on last month’s Super Bowl, the expected betting turnover for the basketball tournament is half a billion dollars less than the season-ending NFL game.

Americans’ betting plans for March Madness 2023 significantly exceed the AGA’s forecast for last year’s tournament, when it was expected that 45 million people would place bets totaling $3.1 billion.

This is partly due to the increase in regulated markets in the markets in the US: since the last March Madness, Kansas, Massachusetts, and Ohio have legalized retail and online sports betting, and Maryland has opened its doors to online bookmakers.

The 2023 NCAA basketball tournament starts today, March 14, and ends on April 3.