Betting on March Madness expected to hit new highs in Colorado

March Madness begins in earnest on Thursday, and this year is expected to draw the most betting in NCAA tournament history.

State of play: Nine more states allow legal sports betting this year than last, including Wyoming.

• All told, the American Gaming Association says an estimated 45 million Americans could wager a combined $3.1 billion on the 2022 men's tournament, Axios' Jeff Tracy writes.
• 81% plan to wager via bracket contests, while 46% expect to place other bets on games.

Zoom in: Colorado legalized sports wagers in May 2020, making this the second year residents can legally bet on the NCAA tournament.

• In 2021, the state counted $78 million in wagers on NCAA basketball in March and April with $74 million in payouts.
• NCAA basketball ranked as the second largest category for bets in March 2021 at 24% of wagers, still behind the NBA.

Of note: The popularity of sports betting continues to increase exponentially in Colorado. January set a new record with $573 million in wagers, the state reported.

• Through the end of 2021, bettors gambled $5 billion in Colorado.

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