Mar 18, 2024 - Sports

Bracket boom: Sports betting set to take off as March Madness begins

Ivana Saric

Basketball fans across the country are gearing up for the start of March Madness — and for many, that will mean making big bets on their teams.

Why it matters: The American Gaming Association estimates that $2.72 billion worth of legal bets will be placed on this year's NCAA tournaments.

March Madness is "the largest betting event in the U.S.," Cait DeBaun, vice president of strategic communications and responsibility at AGA, told Axios.
Sports betting has been on the rise in recent years as more states have legalized it.
Currently, 38 states and Washington, D.C. have some form of legal sports betting, per the AGA.

By the numbers: The $2.72 billion estimate is around 2.2% of the total number of legal sports bets placed last year, the AGA wrote in a post on X.

A total of $121 billion in bets were placed on all sports in 2023, a 30% increase from 2022, DeBaun said.

The big picture: The NCAA on Sunday revealed the top seeds for both the men's and women's tournaments.

Leading the men's slots are UConn, Purdue, Houston and North Carolina.
On the women's side, South Carolina, Iowa, USC and Texas are top of the pack.

Zoom in: Axios Local is keeping close tabs on the tournaments and several cities have their own bracket challenges with ESPN.

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Bracket boom: Sports betting set to take off as March Madness begins

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