When it comes to sports betting, the NCAA Men’s Basketball Tournament did very well for itself, thank you. It could be the most heavily bet event of its kind.
Leading up to the Final Four weekend, 31 percent of Americans ages 21-64 placed a wager on this year’s tournament. Among them, 65 percent said they have bet more this year than on any previous tournament, according to a study by the National Research Group conducted after the Elite Eight round wrapped, according to Sports Handle.
Thirty-nine percent wagered $250 or more, while 63 percent spent $100 and up. 60 percent of people who bet on this year’s NCAA Tournament did not fill out a bracket. Further, 54 percent say legalized online sports betting has made brackets less interesting. 26 percent disagree, though.
The betting volume for the two Final Four contests and Monday’s National Championship game expected to be large. North Carolina and Duke met in the tournament for the first time ever. Two more “blue bloods”—Kansas and Villanova—will fight for the right to battle on Monday for the title. North Carolina upset Duke, Kansas beat Villanova and then took care of North Carolina.
Some more facts: 24 percent of bettors have wagered on more than 10 games; 63 percent have bet on between three and 10 games. 54 percent of NCAA Tournament bettors placed a wager on the First Round. Those percentages have declined each round, with 46 percent betting on the Second Round, 44 percent on the Sweet Sixteen, and 30 percent on the Elite Eight.
This one was surprising: A majority of the bettors did not fill out a bracket. And based on the responses, causes include both the availability of legal sportsbooks and a pandemic-influenced shift to more remote working environments.
60 percent of people who bet on this year’s NCAA Tournament did not fill out a bracket. Just 8 percent of bettors filled out a bracket without betting on any individual games.
The most popular bet types to date:
- Moneyline (39 percent)
- Live game bets (30 percent)
- Spread bets (28 percent)
- Parlays (27 percent)
- Over/under bets (27 percent)
- Futures (25 percent)
- Same-game parlays (25 percent)
This data comes from an online study conducted by National Research Group on March 28-29 among 1,000 Americans ages 18 to 64. Sports bettors are defined as anyone 21 or older who bets frequently or occasionally on sports.
The Women’s NCAA Championship game between the University of Connecticut and South Carolina topped the list of most betting In a women’s event in BetMGM history. A dominating fourth quarter allowed Dawn Staley’s Gamecocks to win by 15, thus covering the spread.
As of the morning of April 3, BetMGM indicated 70 percent of the bets and 79 percent of the money it received on the point spread came on the South Carolina side.
“Congratulations to South Carolina on winning their second championship and to all of our customers that cashed tickets on the Gamecocks,” said Jason Scott, the vice president of trading for BetMGM.
When the women’s NCAA tournament began, South Carolina opened as the betting favorite at +160 to win the national title.
