March Madness — the National Collegiate Athletics Association's (NCAA) college basketball tournament — kicked off this week, and Americans are betting big money on which school will be crowned champions in 2024.
U.S. bettors are expected to wager more than $2.72 billion on this year's men's and women's national tournaments using legalized sportsbooks, according to the American Gaming Association (AGA). That's about twice as much the amount of bets placed on the Super Bowl, according to the NCAA.
Why are Americans betting so much? There are three reasons, said Dave Forman, the association's vice president of research: more people are expected to bet on the women's tournament this year than in previous years, more states have legalized online sports wagering — allowing more bettors to join the fray, and more residents in states that already have legalized sports betting are placing bets.
To be sure, the convenience of online betting is another major factor.
"Gone are the days when placing a bet meant a trip to a Nevada casino or a friendly wager among pals," Forman reflected. "The rise of online sports betting has opened up the legal market to a whole new audience."
Currently, online sports betting is permitted in 38 states and Washington, D.C. Additionally, six states — Alabama, Georgia, Hawaii, Minnesota, Missouri, and Oklahoma — are considering bills to legalize online sports betting, as per AGA's tracker. If these bills pass, the betting action on March Madness is expected to skyrocket, Forman added.
Spotlight on the NCAA Women's Bracket
Several captivating storylines are fueling excitement and bets in the women's tournament, Forman highlighted.
In recent years, women's college basketball has seen the rise of new stars like Angel Reese from Louisiana State University and Caitlin Clark from the University of Iowa, who have captured the nation's interest. Both LSU and Iowa are in the tournament, and casual fans will be tuning in to see how far these teams can go, shared Anthony Amey, a sports analytics professor at Virginia Tech. Amey also pointed out that Dawn Staley, head coach of the University of South Carolina women's team, led her squad to an undefeated season and has her sights set on victories against LSU and Iowa.
The surge in bets on women's college basketball games this season has reached new heights, with Caesars Sportsbook reporting a 190% increase compared to last year. DraftKings and BetMGM have also seen a rise in the sports handle, according to USA Today.
What drives Americans to bet on March Madness?
Americans eagerly participate in the March Madness tradition by filling out brackets and predicting the outcomes of a series of intense basketball games. Whether competing in office pools or making friendly wagers, fans engage in the excitement of the tournament.
Experts suggest that betting on March Madness offers a unique and enduring experience for sports enthusiasts. Unlike the Super Bowl, which is a single-day event, the college basketball championship spans three weeks, featuring 68 teams and 134 games. The tournament format allows bettors to engage with multiple games daily, enhancing the thrill of the competition.
While the nature of gambling implies that most participants will lose money, the allure of March Madness remains strong. Fans continue to participate in bracket challenges, driven by emotional connections to teams, such as alma mater affiliations, as noted by experts.
"The allure is that there are so many people who were fortunate enough to go to college, and there's a certain passion that you don't lose with that, so everybody wants their alma mater to be good," he said. "Also, everyone loves the Cinderella story and everyone wants to see a buzz beater."
March Madness, said Amey, has turned into a "complete reality show" where nobody knows which underdog team could surprisingly topple a juggernaut school. And the NCAA has done a pretty good job promoting the tournament over the years, helping increase viewership, he added
"There are a few things that bring us all together and March Madness seems to be one of those things," he said. "It's part of the great things about sports."
