U.S. Sports Event Anticipates 68 Million Bettors, Aiming for $15.5 Billion in Wagers
The 2023 NCAA Men's Division Basketball Tournament, commonly known as March Madness, is anticipated to shatter betting records over the upcoming 17 days.
The tournament's Selection Committee announced the 68 teams competing this year during Sunday's reveal. Alabama narrowly clinched the top overall seed, surpassing Houston, while Kansas and Purdue followed as the next highest-ranked teams. These four teams securing the #1 seed in their respective regions.
Houston is widely favored to win the tournament when the Final Four is decided in Houston on April 3. The Cougars could practically play at home if they make it to the championship round. DraftKings sets Houston's odds at +475 to win it all.
Alabama comes in second at +650, with Purdue third at +1000, and UCLA Bruins and Jayhawks rounding out the top five at +1200.
On the opposing end, six teams share the longest odds of +1000000 — Southeast Missouri State, Northern Kentucky, Texas Southern, Howard, Texas A&M-Corpus Christi, and Farleigh Dickinson. A $5 bet on any one of these longshots would bring in a whopping $50K if they managed to overcome the near-impossible odds, representing just a 0.01% likelihood.
Record Betting Activity
Given the lack of a clear favorite to claim victory at the 2023 March Madness tournament and the increasing number of states allowing sports betting, the leading gaming industry group anticipates a surge in betting activity.
The American Gaming Association (AGA) estimates 68 million US residents aged 18 and over will wager a projected $15.5 billion on the men's tournament this year.
Approximately 31 million will place a formal bet through a legal, regulated sportsbook or via an illegal bookie, while another 21.5 million will make casual bets among friends. A staggering 56.3 million will participate in a bracket contest with an entry fee.
The AGA notes that many bettors will participate in both a bracket contest and place formal bets through a book.
March Madness is one of the best-loved traditions in American sports—and the most bet-on competition in America,” said AGA President and CEO Bill Miller. “Thankfully, the expansion of regulated sports betting over the past five years has brought safeguards to more than half of American adults who can now bet legally in their home market.”
Betting has been steadily increasing in the US for nearly five years since the US Supreme Court repealed the federal ban on single-game wagering that previously restricted such gambling to Nevada. Today, 33 states and DC boast operational, legal sports betting markets, with three more legal markets on the verge of launch.
More than half of US adults (57%, 146 million) reside in a legal sports betting jurisdiction.
First Four Games
The 2023 NCAA March Madness starts Tuesday night with the first two of the four opening games, often referred to as the "First Four" play-in games. Texas A&M-CC plays against Southeast Missouri St., with Texas A&M-CC favored by 4 points. The second game on Tuesday is Pittsburg as a 2-point underdog to Mississippi State.
Wednesday features the final play-in games, with Fairleigh Dickinson as a 3-point underdog to Texas Southern. Nevada closes out the First Four as a 1.5-point underdog to Arizona State.
The First Round gets underway on Thursday at 12:15 pm EST, launching a continuous schedule of games that will keep basketball fans riveted through the Second Round on Sunday night.
