AGA predicts $3.3B to be wagered on March Madness legally

• March Madness is now in full swing, with the seminal college-level sports event expected to generate a record betting handle
• Betting activity associated with the competition has been growing exponentially
• Tribal and state-regulated sports betting is leading to more people placing a wager on the outcome of the event

March Madness, the NCAA’s Division I men’s and women’s basketball tournament, is now in full swing, with Americans set to wager an estimated $3.3bn according to the American Gaming Association (AGA).

March Madness betting handle continues to grow

This estimate is a 54% increase over the past three years, the trade group said in an official press statement. Recent sports betting regulation has allowed consumers and sports fans to have access to a wider range of state and tribal options.

AGA President and CEO Bill Miller welcomed the opportunity to see engagement across the betting market continue to improve, with fans engaging with legal and regulated options.

"Fans continue to engage with legal, state- and tribal-regulated sports betting in record numbers during one of the biggest moments on the sports calendar," Miller explained.

In the same stride, AGA has taken the opportunity to address another important trend during March Madness - the rise of the prediction market vertical, which the trade group has criticized heavily.

Last year, AGA posted a prediction that March Madness sports betting handle would hit $3.1bn, with this year’s estimate leading the way with $200m in a head-to-head comparison.

AGA urges a complaint and a fair market to protect consumers

In the meantime, AGA remains vigilant about the rise of the prediction market vertical, which it cites as an ongoing problem. Nearly half of the digital ads seen by US consumers "did not comply" with state gaming regulations and responsible gaming messaging, AGA said in its press statement.

"Kalshi is currently the most visible sports betting brand by digital ad impressions, with consumers exposed to its advertising approximately 5.2 billion times this year, compared with 2.9 billion impressions for FanDuel, the next most frequent sportsbook advertiser," AGA added.

Miller used this opportunity to argue that consumer trust is built on a fair and complaint market, which includes prediction market platforms, which in turn translates into stronger consumer protection.

AGA’s predictions about betting markets have been accompanied by warnings against the prediction markets. The trade group issued a similar warning on the occasion of the Super Bowl.

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