March Madness is here, and so is a massive wave of sports betting.
The American Gaming Association (AGA) estimates that $3.3 billion will be wagered on this year’s NCAA men’s and women’s basketball tournaments in the U.S., according to Friday’s report.
Key Takeaways
- Wagering on March Madness is projected to be more than last year’s $3.1 billion estimate.
- There will be more than 100 men’s and women’s games to bet on over the next three weeks.
- These estimates don’t include prediction markets, which will have a significant impact on March Madness.
The AGA’s handle estimates for college basketball’s big events, which begin next week, are up from $3.1 billion projected last year and a 54% wagering increase over the last three years.
The U.S. gaming trade group attributes the rise in March Madness action to “continued growth” of legal betting markets and increased “consumer confidence in regulated” wagering.
Enjoying Covers content? Add us as a preferred source on your Google account“March Madness is the highlight of the college basketball season, and fans are gearing up for a month of tournament action,” said Bill Miller, president and CEO of the AGA. “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.”
Major event
The NCAA tournaments have become one of the biggest sports betting events on the calendar. H2 Gaming Capital forecasts a record-setting March Madness with $4 billion in betting. That’s just from legal sportsbooks in 39 U.S. states and doesn’t account for contract trading on federally regulated prediction markets.
By comparison, the AGA projected Americans would wager $1.76 billion on the Super Bowl, 93% less than March Madness. Of course, that’s just one contest, even though the NFL’s premier event is the most-bet game every year. The NCAA tournaments last three weeks and span more than 100 games between the two events, culminating with the Final Four in early April.
Bigger is better
Missouri began offering legal online and retail sports betting in December, making it the only state to launch since the previous March Madness. The Show Me State, the 31st to offer mobile sportsbooks, has generated nearly $920 million in wagers over the first two months.
Older markets have also shown significant growth. New York, the most lucrative sports betting jurisdiction in the U.S., has generated more year-over-year bets each March since launching in 2022, and the handle between that first year and 2024’s increased by 50%.
Exchange enhancements
Prediction markets will also play their most significant role ever in March Madness. While trading exchanges like Kalshi and Robinhood had moneyline-type markets available in March 2025, sports event contracts have exploded since then.
There are numerous newcomers to the space, including prediction platforms launched by sports betting brands DraftKings and FanDuel in late 2025. Polymarket made its return since the last NCAA tournament as well, and even daily fantasy sports platforms like Underdog and PrizePicks are offering contracts in their contests.
Markets on several platforms have also expanded to include spreads, totals, parlays, and props across the country, setting up this year to be the biggest March Madness yet.
