A report has shown that Americans will bet over $2.7billion on NCAA Tournaments this year – in both the male and female sectors.
Americans Will Bet $2.7Billion On NCAA
This comes after a recent report by the American Gaming Association on Thursday, which revealed the volume of bets Americans will make on the NCAA tournament.
Betting over $2.7bn would see a 2.2% increase from the amount wagered in America for the entirety of 2023 and a 55% rise from the amount spent on Super Bowl bets.
NCAA tournaments will commence on Tuesday 19th March, and 30 states in America will be open for online sports bets – with an extra nine allowing in-person stakes.
Last year, only 25 states were allowing legal sports bets, but North Carolina, Kentucky, Florida, Vermont and Maine have all made sports betting legal since.
NCAA hosts both male and female tournaments, which will show 134 games throughout the respective schedules and March 17th will bring the renowned Selection Sunday for both, with the men’s tournament opening proceedings via the First Four on March 19th and the women’s tournament beginning just the day after.
Cleveland will host the women’s championship clash on Sunday April 7th and the men will be in Glendale, Arizona for their championship on the 8th of April.
In Washington D.C., the AGA, a group of representatives for casino and sports betting, revealed that during last year’s NCAA tournaments a staggering $15bn was placed.
This carried across bracket competitions and various types of sports bets and Dave Forman, head of research at AGA, believes its time to focus on the legal markets.
He said: “March Madness is the biggest and most mainstream betting event of the year, especially with the brackets.
“But with legal sports betting having been around now for five years and available in almost 40 states, we wanted to turn our focus to the legal market.”
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