According to the most recent study by the American Gaming Association (AGA), 68 million American adults, or one-fourth of all American adults, plan to wager $15.5 billion on the 2023 NCAA Men Division I Basketball Tournament, widely known as March Madness.
This tournament, the first regional to be held in Las Vegas, will include 67 games.
March Madness: What is it?
The National Collegiate Athletic Association (NCAA) Division I men's and women's basketball championship tournaments, which begin in March and feature fields of 64 (for the women's tournament) and 68 (for the men's tournament) teams, are referred to colloquially as "March Madness."
It's a huge thing to American sports fans and a highly significant tradition in American athletics.
Fans must complete a bracket in order to take part in March Madness. The official NCAA bracket game, also known as the Bracket Challenge Game, will start right after the Selection Sunday field has been reported by the commission.
Before the first game in the first round begins, brackets will be locked, so fans should fill them out beforehand.
Nobody succeeds in completing a perfect bracket, but that just makes it harder.
Bill Miller, President and Chief Executive Officer of the AGA, commented on the significance of March Madness by saying: "March Madness is one of the finest traditions in American sports—and America's most bet-on competition.
Importantly, more than half of American citizens may now legally wager in their home market because to the growth of legalised sports betting over the previous five years.
Increased March Madness wagering:
The return of bracket competition and Americans taking advantage of the growth of legalised internet betting have been the main drivers of the increase in March Madness wagering.
Kansas, Massachusetts, and Ohio have formally launched retail and mobile sports betting systems since the 2022 competition, while Maryland debuted mobile betting.
The following provides evidence in support of the above claims:
Currently, there are live, legalised sports betting markets in 33 states and Washington, D.C.; three further legal markets are awaiting their official debuts;
57% of American adults, or around 146 million people, reside in a live, legalised sports betting market;
All sports wagering stakeholders are coming together as part of the AGA's Have A Game Plan. ® Bet Responsibly.TM initiative to encourage responsible gambling.
In light of the enthusiasm surrounding March Madness, Mr. Miller added: "The AGA and its members want to advise anyone joining in on the action to have a game plan and wager wisely. That entails playing ethically at all times, keeping it sociable, recognising the odds, and having a budget.
Increase in wagering since the Super Bowl:
Americans are expected to wager half a billion dollars less on March Madness than they did on the Super Bowl, despite the fact that 18 million more people want to wager on the tournament than on the game, which took place last month.
The following evidence is provided to support this assertion:
56,3 million American adults plan to participate in a bracket tournament, while 21,5 million want to casually gamble with friends. 31 million American adults plan to put a traditional sports bet online, at a retail sportsbook, or with a bookie.
However, according to bookmakers, Kentucky is currently in first place and has a 9% probability of winning the championship. After Kentucky, UCLA and Alabama are in third position (6%), followed by Texas A&M and Gonzaga (8%) and Kentucky.
