How Much Money is Bet on March Madness?
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March Madness has been a popular betting event for decades. It has become even more popular in recent years as more and more states regulate betting. Online betting has also allowed more basketball fans access to March Madness betting odds.
Many basketball fans run their own pools for the NCAA Tournament. So, it is impossible to know exactly how much money is bet on the event every year. However, the American Gaming Association estimated that 68 million adults, a quarter of the population, would bet $15.5 billion on March Madness in 2023.
For comparison, the AGA also reported that roughly 50 million people bet on the Super Bowl in 2023. The Super Bowl is just one game, while the NCAA Tournament has 67 games in total.
The AGA also provided estimates for the types of bets people reported they would be engaged in. 56.3 million people said they planned to participate in bracket contests. 31 million and 21.5 million people reportedly planned to place traditional sports wagers and bet with their friends, respectively.
March Madness Betting Over the Years
The first NCAA Tournament took place in 1939. In the last 85 years, the tournament has taken on a life of its own and is popular with basketball fans and bettors alike. Here is a quick look at how March Madness betting has evolved over the years.
When Did March Madness Brackets Start?
The first NCAA Tournament took place in 1939, but it would be decades before bracket contests became part of March Madness. Only eight teams were selected to compete in the original tournament, and the field would not increase to 16 teams until 1951.
In the mid-1970s, the tournament field was up to 32 teams. In 1977, the first known bracket contest for March Madness was created.
A bartender at Jody’s Club Forest, a bar on Staten Island, created the first bracket contest. After a successful first year, the contest became very popular with patrons of the bar. It soon spread to fans outside of Staten Island, leading to the bracket contests we know today.
Brackets Popularity and Expansion of NCAA Tournament
The increasing popularity of bracket contests also coincided with another expansion of the NCAA Tournament. In 1985, the first tournament with a field of 64 teams was held. It would be the last major expansion for nearly two decades.
In 2001, a 65th team, the winner of the Mountain West Conference, was added. The field expanded to 68 teams in 2011, and the preliminary round of the First Four was officially created. This expansion also increased the number of games to 67, which is the format that we still use today.
The increased number of teams lowered the odds of anyone ever creating a perfect bracket. However, that did not deter bettors from trying to create the perfect bracket.
Impact of the COVID-19 Pandemic on March Madness Betting
According to Statista, an estimated $8.5 billion was bet on the 2019 NCAA Tournament. However, bracket betting and the tournament itself took a huge hit the following year.
It returned the following year, but crowds were limited because pandemic restrictions were still in place. Many states still did not regulate online betting at this time, so bettors did not have the same access as they do today.
On the bright side, it did not take much longer for the tournament and for bettors to turn things around. Betting on March Madness is more popular now than it ever was before.
NCAA March Madness Betting Post-Pandemic
In 2022, bettors are estimated to have wagered a modest $3.1 billion on March Madness. This was just over a third of the amount estimated to have been bet on the 2019 tournament.
The decrease in betting on the NCAA Tournament did not last long. As I mentioned above, an estimated $15.5 billion was bet on the tournament last year in 2023. There are several reasons for the increase, including the expansion of betting options for fans.
Increased tax revenue from regulated sports betting was too good for many state legislators to pass up. Now, 38 states and Washington D.C. allow some form of regulated sports betting.
Also, bettors’ wallets were in better shape than they were in the years immediately following the pandemic. So, fans had more money to spare for March Madness betting.
Popular March Madness Betting Options
One of the reasons there is so much money bet on March Madness is that fans have a variety of wagering options. Betting on a bracket is the most popular method, but you can also wager on individual games and create betting pools with your friends.
March Madness Bracket Betting Contests
Bracket betting contests are the epitome of March Madness betting. Creating your bracket can be a lot of fun. As the tournament plays out, you can compare your bracket to others to see whose is the most accurate.
Sites like BetUS make it easy to join their betting contests. They offer guaranteed prize pools, too, which can attract a ton of members to join. The more members that join, the better you will look if you can place high enough to earn a prize.
You do not need to have a perfect bracket to win since you earn points for every correct prediction. This is great news since there are no records of anyone creating a perfect bracket. BetUS allows you to buy multiple entries, so you can increase your chances of winning a prize.
Wagering on Individual Games
You can also bet on individual games during the NCAA Tournament. There are 67 total games to choose from, so you have plenty of moneylines, point totals, and prop wagers to bet on.
BetUS and other top betting sites make it easy to bet on live odds for games that have already started. Betting on individual games also opens the door to sports betting bonuses.
Most sportsbooks do not let you use bonus funds to pay for your entry to betting contests, including their March Madness bracket promotions. Luckily, you can still use bonuses to fund your bankroll for betting on individual games during the tournament. Using bonuses to grow your bankroll can help you place more bets, too, and offset the cost of paying for entry to bracket contests.
Betting With Friends
Last but not least, millions of people still enjoy betting with their friends ahead of March Madness. Running your own bracket pool for the NCAA Tournament is not hard to do. As long as you have the time and know-how, you can tally the winner of a bracket competition yourself.
Of course, you will have to recruit people to participate in the pool, which is easier said than done. You can also make friendly wagers on specific games of the tournament. It can be challenging to get the losers of bets to pay up, though.
Luckily, many college basketball betting sites offer exciting referral bonuses to members who recruit their friends. So, you can still enjoy the fun of competing against your friends without the hassle of having to make your own betting pool.
How Much Will be Wagered on March Madness 2024?
The AGA has not yet released its estimates for the amount that will be bet on March Madness 2024 odds. However, recent trends suggest it could be a record year for NCAA Tournament betting. More states than ever before allow regulated betting sportsbooks, and betting sites are offering plenty of online promotions for bettors to take advantage of.
How Much Will You Bet on March Madness This Year?
There is no exact answer to the question: how much money is bet on March Madness? Friendly wagers and unofficial betting pools account for a lot of NCAA Tournament betting. According to the AGA, the estimated amount bet on the tournament last year is north of $15 billion.
Check out the guide above to learn more about the amount fans spend on March Madness betting. Then, check out our recommended March Madness betting sites to see which sportsbooks you should use to bet on this year’s tournament.
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