Americans to bet $3.1bn on March Madness

US bettors will place more than $3.1bn in bets on this year’s NCAA March Madness basketball tournament, according to latest survey data from the American Gaming Association (AGA).

The survey, commissioned by the AGA and carried out by Morning Consult, was carried out online between February 26-27, among a national sample of 2,210 adults.

According to results, more than 17% of Americans, or 45 million people, will place bets on the showpiece basketball tournament, which began selection yesterday evening.

Of these, 20.9 million are expected to bet on the tournament outside of so-called “bracket contests” via a retail sportsbook, online, with a bookie or casually with friends.

More than 36.5 million will place a bet via a bracket contest or similar pooled betting market.

Of the total average betting budget spent by each American on this year’s event, survey data suggests 76% will play their bets outside of brackets, up from 55% in 2021.

Bettors typically named Gonzaga as favorites to win the event (17%), closely followed by Duke (12%) and Kentucky (11%).

Since last year’s March Madness, 29 million more Americans have gained access to legal regulated sports betting markets, including bettors in Arizona, Connecticut, New York, and Louisiana.

“Americans continue to make it clear: they want to wager with the protections of the legal, regulated market,” said AGA president and CEO Bill Miller.

“There’s no doubt this year will generate the highest legal handle in March Madness history,” he added.