The Super Bowl is in the rearview mirror. The NBA and NHL playoffs loom in the distance. And MLB is almost a month away from the first pitch.
That must mean March Madness is front and center. According to the American Gaming Association, the industry trade group, 17 percent of the adult population—or 45 million adults—will bet $3.1 billion on the tournament.
“There’s no doubt this year will generate the highest legal handle in March Madness history,” said AGA President and CEO Bill Miller in a statement.
Of the 45 million bettors, 20.9 million will wager at retail sportsbooks, online, with bookies or casually with friends. Also, 36.5 million will bet through bracket contests or similar pools. Americans could spend 76 percent of their betting budgets outside of brackets, up 55 percent from last year.
With new jurisdictions legalizing sports betting since last year’s tournament, 29 million more adults can legally wager in Arizona, Connecticut, Louisiana, Maryland, North Dakota, South Dakota, Washington, Wisconsin, and Wyoming.
“If you’re getting in on the action, have your game plan to bet responsibly. That means setting a budget, keeping it fun, learning the odds and playing legally,” Miller said.
This year, for the first time in AGA tracking, Americans plan to spend a greater share (76 percent) of their betting budget through non-bracket channels, up 21 percent from 2021.
