March Madness betting projected to top $3 billion

March Madness remains one of the most bet on sporting events on the calendar. The American Gaming Association (AGA) announced Thursday it estimates $3.1 billion to be bet on this year’s NCAA men’s and women’s tournaments with U.S. sportsbooks.

The projection is a 15% year-over-year increase and more than double the betting on the Super Bowl, according to the American Gaming Association. The AGA estimated $1.4 billion would be bet on the Super Bowl in February.

This year’s NCAA Tournament fields will be announced Sunday night with the bracket reveal for men’s and women’s basketball.

“March Madness is one of the most exciting times in American sports, with fans fired up for both the men’s and women’s NCAA tournaments,” AGA vice president of strategic communications Joe Maloney said in a statement. “As legal wagering expands across the U.S., more fans than ever have the opportunity to bet legally and responsibly.”

Last year marked the first time in tournament history that Las Vegas served as a regional host. Currently, 38 states plus the District of Columbia have legal betting markets. More than half of American adults live where sports betting is legal, according to the AGA. According to the AGA’s 2024 American Attitudes Survey, 75% of Americans support legal sports wagering in their home state, and 90% view sports betting as an acceptable form of entertainment.

An NCAA commissioned study in 2024 found that gambling harassment of athletes peaked during March Madness. Roughly 73% of abusive messages referenced betting or match-fixing allegations during the NCAA Tournament.