Bettors in the United States are expected to wager more than $2.72 billion on this year's men's and women's national tournaments using legalized sportsbooks, according to the American Gaming Association.
The AGA shows that the total bet legally through sportsbooks on March Madness is equivalent to 2.2 percent of the total handle legally wagered by Americans in 2023.
AGA vice president of research Dave Forman told CBS News that legalized online sports gambling has contributed to the amount Americans are gambling.
💥🏀 #MarchMadness brackets are officially set! Are you planning to bet on this year's games?
— American Gaming Association (@AmericanGaming) March 18, 2024
AGA estimates show that American adults will legally wager $2.72B on the 2024 men’s and women’s tournaments, equivalent to 2.2% of the total handle legally wagered by Americans in 2023. pic.twitter.com/OMDduOVTAz
"It wasn't that long ago where, if you wanted to place a bet, you either had to go to the casino sportsbook in Nevada or you had to participate in the more casual betting among friends," Forman said. "You had the offshore illegal sportsbooks, but [online betting] has driven a lot of new people into that legal market."
Betting on women's college basketball has also increased. The number of bets on women's college basketball games this season on Caesars Sportsbook is 190 percent higher than a year ago, the Associated Press reported this week. The sports handle — the total amount of money wagered by bettors — is also up at DraftKings and BetMGM, those operators told USA Today.
