Billions of dollars are expected to be placed on the NCAA Tournament, the highest-paid sporting event in the United States.
An estimated 45 million people can bet $3.1 billion on the NCAA Tournament using bracket pools and sportsbooks and bets with friends, according to American Gaming Association (AGA) research released Sunday. With US sportsbooks raking in on this year's Super Bowl the $3.1 billion amount is almost three times more than the estimate.
AGA's estimates are based on a national survey of 2,201 adults conducted by the firm Morning Consult during the first week of March.
The number of people planning to bet on the tournament is slightly lower than last year's survey results, and this year's responses give an indication of how Americans will bet on March Madness.
"This year, Americans plan to place a substantial portion of their bets [on the tournament] through the non-bracket," the American Gaming Association said in a release announcing the survey results. "Out of their total betting budget on this year's tournament. Americans are expected to place 76 percent of their bets outside the bracket, up from 55 percent last year."
Thirty states – nine more than last year – and the District of Columbia have launched legal betting markets. Nearly 29 million more American adults can bet legally in their home state than in last year's NCAA Tournament, potentially contributing to changes in people's plans to wager on March Madness.
"There is no doubt that this year will mark the highest legal [betting] handling in the history of March Madness," Bill Miller, AGA President and CEO, said in the release.
Gonzaga is the unanimous favorite at sportsbooks to win the NCAA Tournament and is by far the public's most popular pick. In the first four hours after the bracket was released, the Zags won the championship with 34.5% of entries in ESPN's Tournament Challenge contest.