The American Gaming Association (AGA) has announced the estimated betting amount for basketball during the March Madness period, estimating that Americans will spend a total of $3.1 billion on basketball betting that month.
In fact, this betting amount will grow by 13.8% compared to the $2.7 billion bet during March Madness in 2024—reflecting the rapid growth of the U.S. sports betting industry since the overturning of PASPA in 2018. Moreover, this growth has been achieved even though no new states have legalized sports betting since March last year, although several states are currently passing legislation.
March Madness centers around the NCAA Division I men's and women's basketball tournaments, with 68 teams participating in a knockout tournament, leaving only four teams by the end of the month. Thus, March Madness is not only one of the most well-known sporting events globally, but also one of the most betted-on events.
Joe Maloney, Senior Vice President of Strategic Communications at AGA, commented: "March Madness is one of the most exciting times in American sports, with fans eagerly anticipating the NCAA men's and women's championships. With the expansion of legal betting across the U.S., more fans than ever have the opportunity to bet legally and responsibly."
It is worth noting that last month, the American Gaming Association released the commercial revenue data for the U.S. gaming industry for the fiscal year 2024, amounting to $71.9 billion, highlighting a record-breaking growth.
In other U.S. markets, March marks the beginning of Problem Gambling Awareness Month—the AGA's "Have A Game Plan. Bet Responsibly." campaign will encourage responsible sports betting behavior through fan engagement in March.
Maloney added: "'Stay Cool' is our latest 'Have A Game Plan' principle, focusing on keeping betting fun and respecting the game—regardless of how unpredictable the outcomes of the March Madness games may be."
