Americans Will Legally Wager $3.3 Billion on March Madness: Gaming Association Study

Mar 13th, 2026 9:23 AM EDT

March Madness betting has become a $3.3 billion enterprise. (Imagn)

Selection Sunday is two days away. The American Gaming Association (AGA) estimates that Americans will legally wager $3.3 billion on March Madness this year. The handle on both the NCAA Division I Men's and Women's Basketball Tournaments will have enjoyed 54% increase over the past three years once both champions are crowned, the AGA added.

The rise in college basketball betting comes in part because of the launch of legal betting in Missouri in December. And wagering on the women’s tournament has risen 10X since 2023 thanks in part to the boost that Caitlin Clark gave the event. The AGA also cities “increasing consumer confidence in regulated wagering options” for its increase from $3.1 billion wagered in 2025.

“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 American Gaming Association, in a release Friday touting the number. “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.”

Bettors won't have to wait long to wager on the First Four and 32 First Round games. DraftKings Director of Sports Johnny Avello tells Bookies.com his shop will have lines for those games up just "15 seconds" after they're set.

The men's Final Four takes place in Indianapolis from April 4-6. The women's Final Four occurs in Phoenix from April 3-5.

Breaking Down The March Madness Betting Numbers

Legal wagering on Super Bowl 60 hit $1.76 billion, according the AGA’s estimate. That total did not include Florida and its sole operator – the Hard Rock Bet App. Floridians bet an estimated $100 million on the Big Game. That was thanks, in part, to those transplants and snowbirds from the Northeast who watched the Patriots self-immolate 29-13 against Seattle.

The AGA's numbers also don't include the expected trading volume on prediction markets. Those platforms, including Kalshi, Robinhood, and those operated by DraftKings, Fan Duel and Fanatics in states without sports betting, generated an estimated $1.3 billion in Super Bowl trading volume.

Kalshi's total volume on its "Men's College Basketball Champion" market stood at $46,238,019 as of 8 a.m. ET on Friday. That market opened on Oct. 29 and has Duke and Michigan as co-favorites at 21%.

Prediction market trading volume does not equate to sportsbook handle. Alex Kane, who launched the first-ever state regulated sports prediction market in Sporttrade, said one should "divide by 5" the trading volume on prediction markets to get their sports-betting handle equivalent. Investment analysts, meanwhile, use app downloads as another data metric in comparing the platforms.

How Popular Is The NCAA Tournament?

In addition to the legacy media coverage, “Sharp Week” returns to VSiN. Its coverage includes matchup previews, real-time line movement analysis, betting trends, and insight on potential Cinderellas and bracket busters. All the fun stuff.

For Caesars Sportsbook Assistant Director of Trading Adam Pullen, the betting tidal wave for March Madness is driven by the passion and tradition that the tournament carries.

"There are so many close games. Buzzer beaters. You don't have to be a basketball fan to be interested in the tournament. The layperson. Everyone knows what March Madness is. It's part of the fabric of this country. A unique event. And it's four weeks long," Pullen told Bookies.com. "That first Thursday and Friday, you can't beat the excitement. Being in a sportsbook. It's just crazy. It can't be touched. The small schools beat the big schools. It encompasses so much in life. Anybody can win. A No. 1 like Purdue (in 2023) can lose. Those things happen. It just transcends sports."

And the numbers behind the Madness are telling.

Here are some numbers, according to a survey of 2,000 basketball fans aged 21+, conducted by OnePoll in 2024:

36 hours: Average time spent on March Madness
13 hours: Watching games
10 hours: Engaging with online content and highlights,
6 hours: Creating brackets and placing bets
57%: Think their favorite team can win the tournament
30%: Will pick their team to win their bracket
19 points: Average second-half deficit that will cause fans to give up hope
26%: Fans have skipped work to catch a game
$570: Fans expect to spend on the tournament experience
39%: Fans are expected to bet on the tournament
$261: Expected average winnings

Pullen concurs. "My daughter fills out a bracket. It's part of the national culture."

Americans Will Legally Wager $3.3 Billion on March Madness: Gaming Association Study

Breaking Down The March Madness Betting Numbers

How Popular Is The NCAA Tournament?

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