AGA expects $2.72bn wagered during March Madness season

The American Gaming Association (AGA) habitually releases predictions about some of the biggest events in sports in the United States, with the association previously weighing in on the Super Bowl and predicting that bettors would wager $23.1bn. Now, the association has done the same for March Madness, one of the biggest sports betting events in the country, covering college sports.

The NCAA Division I men's basketball tournament is one of the most anticipated, most bet-on, and highest-grossing sports events on the calendar, and a fixture in the calendar of American sports buffs. AGA Head of Research Dave Forman estimates that $2.72bn will be placed on the event, electing a strong response from American audiences who are rooting for home schools to win.

Last year’s result, for example, indicated a much higher number, somewhat to the tune of $15.5bn, but this also accounted for bracket pools and wagers with offshore bookmakers and betting sites. In terms of actual wagering, Forman and AGA believe that the NCAA is the highest-grossing sports event in the United States.

Although the organization predicted that the bets put down on the Super Bowl would amount to $23.1bn, the actual number is said to be closer to $1.4bn. In other words, March Madness may be an even bigger magnet for bettors – both recreational and more professional.

Yet, the new season begins with some significant changes. For example, Ohio and Maryland have both suspended prop wagers on college sports.

These wagers invite bettors to place wagers on a player’s individual performance, which would in turn lead to a revenue decline for local sportsbooks in the two states, according to research by Eilersand Krejcik Gaming, a consultancy for the gambling industry.

Sportsbooks in the regulated market have confirmed that March Madness is associated with the biggest player spending and betting activity, followed right by the Super Bowl. So, although the estimates by AGA may seem a little odd at first glance, the actual handle that seems to go down on March Madness betting is outstripping the Big Game by a fair margin.

As more states come online and introduce sports gambling, this trend is likely to remain unchanged, although the stance on college prop bets may continue to change with states following the example set by Ohio and Maryland.

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