Americans will bet about $ 3.1 billion this year The madness of March college basketball championship tournament, predicts the national gaming industry trade group.
That figure includes legal gambling, as well as those made with illegal gambling or offshore websites, the American Gaming Association (AGA) said in a new report. An estimated 45 million Americans (17% of American adults) plan to place at least one bet on the NCAA tournament.
“There is no doubt that this year will generate the highest legal control in the history of March Madness,” said Bill Miller, president and CEO of the association, referring to the total amount bet on the tournament.
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Bettors cite Gonzaga (17%) as their favorite to win the tournament, followed by Duke (12%) and Kentucky (11%).
The college championship tournament is one of the most important sporting betting events, but it still follows the level of betting that has been seen in the football Super Bowl. Although fewer Americans were expected to bet on last month’s Super Bowl won by the Los Angeles Rams (31 million), the amount expected to bet on the game was $ 7.6 billion, more than double the amount planned for the college basketball tournament, according to the association.
Nearly 21 million Americans say they plan to place bets that do not involve filling in the parentheses that predict the winner of each match until the eventual included champion, which has always been a popular method of betting on the tournament. But 36.5 million will bet on a break in a similar group or contest; there is some overlap between the two groups
The report says that more than three-quarters of the total amount bet on the tournament will not include parentheses, an increase of 55% over last year. The Morning Consult voting group conducted an online survey of 2,210 adults on behalf of the AGA.
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This is largely due to the increase in the number of states offer legal sports betting. Currently, 30 more states Washington, DC, offer it, and there are 29 million more American adults living in states that have adopted legal sports betting since last year’s March Madness tournament.
Eilers & Krejcik Gaming predicts that legal sports betting, which generated revenue of $ 1.5 billion in 2020, will reach close to $ 6 billion in 2023. States began legalizing online sports betting three years ago after ‘a U.S. Supreme Court ruling in 2018 it repealed a federal law banning football, basketball, baseball and other sports. In February, 18 states legalized online sports betting.
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