March Madness attracts millions of viewers, but this year, it is also expected to attract millions of dollars in wagers as legal online sports betting grows.
The American Gaming Association estimates that adults will legally wager $2.72 billion on the men’s and women’s tournaments, which begin this week. The roughly monthlong tournaments are expected to garner nearly double the estimated $1.4 billion in legal bets on this year’s Super Bowl, as states legalize sports betting in the aftermath of the 2018 Supreme Court decision that struck down the federal ban on sports betting.
“As each state goes online, we’re seeing that migration of Americans from the illegal marketplace to the legal marketplace, and that’s driving demand, and certainly this will be one of the most legally bet on March Madnesses in history,” she added.last week, ahead of the NCAA basketball tournaments, joining the other 37 states and the District of Columbia where some form of sports betting is legalized.
Six states, including Alabama, Georgia, Minnesota, Missouri, Oklahoma, and Hawaii, are considering legalizing sports betting, while Mississippi is debating whether to authorize mobile sports betting. DeBaun said the American Gaming Association’s belief is that sports betting legalization provides necessary oversight, among other benefits, for states.
Other events expected to garner high amounts of wagers throughout the year include the NFL season, soccer, golf, and baseball, among other sports, as viewers look to add another dimension to their sports-watching experience.
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