A report by the American Gaming Association (AGA) indicated that more than $ 8.5 billion was bet by 5.8 million people at March Madness in 2019 and that number is expected to increase to 17.8 million people who bet online at the event this year.
AGA reported that three times as many Americans planned to bet this year through online sports betting compared to 2019. In 2020, the tournament had to be canceled due to the pandemic. This year’s edition of the college basketball championship will take place for the first time in history in a single state, Indiana.
The March Madness schedule:
March 18th to 19th – First round
March 20 to 21 – Second round
March 25th to 26th – Sweet 16
March 27th to 28th – Elite Eight
April 3 – Final Four
April 5 – National Championship
The expansion of the sports betting industry in the USA has caused 14 more states to legalize the online market, which means that more than 73 million Americans can legally bet. Since March Madness 2019, a lot has changed, 45% of adults now live in a state with legal sports betting.
Traditional sports betting at March Madness is expected to increase overall by 2021, with 30.6 million Americans placing traditional bets on the popular end-of-season tournament. This is an increase of almost 18 million compared to two years ago, according to AGA.
Expectation of the betting market for March Madness
Bets between friends and colleagues remain popular – March Madness is expected to generate $ 4.6 billion in bets from 40 million people who bet in this friendly manner, according to AGA.
International vs. regulated sports betting: The remaining $ 3.9 billion in betting will come mainly from international bookmakers / websites, although 4.1 million people also place legal bets on March Madness through licensed casinos and sports betting operators in the United States.
- Interest in the tournament has increased slightly compared to 2019, with 26% of Americans saying they are very interested in university competition, compared with 23% registered two years ago;
- 42% of college basketball fans pointed out that they followed the sport more closely this season, with 70% of them attributing the availability of sports betting;
- 17.8 million said they would place an online bet, a 206% increase from 5.8 million in 2019;
- 8.3 million expect to bid on physical betting sites, an increase of 79% compared to 2019;
- The odds of choosing all 63 March Madness games correctly are 1 in 9.2 quintillion!
March Madness 2021 is scheduled to end on April 5 with the championship final played at Lucas Oil Stadium in Indianapolis. And, the latest odds point to Gonzaga Bulldogs, Baylor and Houston as favorites for the title.