14 Mar, 2022
PlayUSA: $3 billion in legal betting on the 2022 NCAA Tournament
The business believes that the approximately $1bn in wagers made in on February's Super Bowl LVI could be tripled if tournament specific wagering were allowed. In terms of wagering, it may even surpass the 2021 NCAA Tournament as the most-wagered athletic event in the United States.
National wagers on the NCAA Tournament are projected to climb to between $2.5 billion and $3 billion, from an anticipated $1.4 billion in 2016. The PlayUSA.com report attributes this expansion to the doubling of the US market in the past year.
"Wagering on March Madness typically dwarfs the Super Bowl, and this year the difference could be dramatic," said Eric Ramsey, Analyst for PlayUSA.com. The popularity of college basketball and the fact that the NCAA Tournament features 67 games played in a span of only a few weeks account for the large number of wagers placed on these games.
"When you factor in the widespread availability of legalised sports betting in the United States, this year's March Madness will easily surpass the record for the most bet-on event set by March Madness last year."
Even though just seven states allow sports betting, an estimated $440 million was wagered on the 2019 tournament.
"Even if all those games are played under the banner of a single event, sixty-seven games is a tonne of inventory," remarked Dustin Gouker, Lead Analyst at PlayUSA.com.
However, Nevada has relied on the first weekend of the NCAA Tournament to bring in crowds of gamblers to its traditional, offline sportsbooks on the Strip for years. Even while Vegas will still see massive crowds next week, around half of the country may now participate without leaving their couches.
