"Fans continue to engage with legal, state- and tribal-regulated sports betting in record numbers during one of the biggest moments on the sports calendar. The $3.3 billion figure is nearly double the amount the AGA estimated would be wagered on Super Bowl LX, demonstrating the tournament's significance as a betting event."
"Betting on the college basketball tournaments with U.S. sportsbooks has increased by 54% over the past three years, based on monthly numbers reported by state gaming regulators. However, that growth is slowing, with this year's estimate up approximately 6% from last year."
"Nearly $1.9 billion was traded on college basketball games in February with leading prediction market Kalshi, an average of $395,000 per game. The Houston-Iowa State game on Feb. 16 generated the most volume on Kalshi, with approximately $12.7 million traded on the Cyclones' 70-67 win."
The American Gaming Association estimates $3.3 billion will be wagered on NCAA men's and women's basketball tournaments through U.S. sportsbooks, marking a modest 6% increase from the previous year. While betting on these tournaments has grown 54% over three years, growth rates are decelerating. This figure nearly doubles Super Bowl LX betting projections. The estimate covers 40 states and the District of Columbia with legal betting markets but excludes prediction markets and office pools. Prediction markets like Kalshi traded $1.9 billion on college basketball in February alone, averaging $395,000 per game. Last season saw 39 million publicly available brackets submitted, including a record 24.4 million men's brackets through ESPN's Tournament Challenge.
#ncaa-basketball-betting #sports-betting-growth #legal-sportsbooks #prediction-markets #march-madness-wagering
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