Bets on March Madness 2024 would double those on the Super Bowl

Every time a new edition of the tournament that brings together the best college basketball teams of the National Collegiate Athletic Association (NCAA) approaches, millions of people share their predictions regarding the results of the contest. Among them, there are many who bet money with the aim of making profits.

The millions of dollars in bets that March Madness 2024 attracts
As reported by the American Gaming Association (AGA), in charge of leading the gaming industry in the US, it is expected that Americans “will legally bet $2.72 billion on March Madness 2024, both male as female, which is equivalent to 2.2 percent of the total that Americans bet throughout 2023."

This is approximately double what is believed to have been wagered on the 2024 Super Bowl, at $1.4 billion. Furthermore, that is only a small part of all the money that will be bet during the competition, since the illegal market is estimated to be much more active.

Why is so much money expected in bets for March Madness 2024?
Dave Forman, head of research at the American Gaming Association, outlined three reasons why significant growth in money bets is expected for March Madness 2024. First, he explained that the women's tournament attracts a much larger audience than in previous editions. In that sense, the Associated Press reported that the Caesars Sportsbook casino chain recorded a 190% increase in bets on women's basketball games.

On the other hand, Forman pointed out that several states have recently legalized online sports betting, allowing many more people to participate. Third, he argued that there are more and more gamblers in jurisdictions where betting was already legal.

Among these reasons, he especially highlighted the possibility of placing bets online. “Not long ago, if you wanted to place a bet, you had to go to the Nevada casino or engage in more casual betting among friends. There were illegal betting houses abroad, but online betting has brought many new people to that legal market,” he explained in statements broadcast by CBS News.

In which states is online betting legal?
According to the AGA interactive map, online sports betting is legal in 30 states, plus Washington DC. Meanwhile, there are seven others where they are not yet allowed, but where bills have already been presented in their respective legislatures to enable them: Alabama, Georgia, Mississippi, Hawaii, Minnesota, Missouri and Oklahoma. The 13 states where they are prohibited are: California, South Carolina, Texas, Utah, Idaho, Nebraska, South Dakota, North Dakota, Wisconsin, New Mexico, Washington, Montana and Alaska.

The campaign launched by the NCAA to raise awareness about the dangers of sports betting
In the run-up to March Madness 2024, the NCAA launched the campaign called “Draw the Line,” which, as the organization explains on its website, “prioritizes the education of student-athletes about the effects of sports betting, while at the same time time that addresses problem gambling for all who consume and participate in college sports.”

According to shared statistics, one in 10 college students suffer from gambling addiction, one in three college athletes have suffered harassment related to sports betting, and 67% of students living on campus are gamblers.

“Sports betting is everywhere, especially on college campuses, so it is critical that student-athletes know the real story about how it can impact them and their ability to play. We know that some bettors are harassing student-athletes and officials, which is why we are advocating for policy changes at the state level and launching monitoring tools around championships to refer serious threats to authorities. The NCAA is doing more than ever to protect members of the game and provide student-athletes with the truth about sports betting,” said NCAA President Charlie Baker.