Mar 17, 2022 - News

Betting on March Madness expected to hit new highs in Colorado

Reproduced from American Gaming Association; Cartogram: Axios Visuals

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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