How many people will bet on March Madness? The American Gaming Association (AGA) released new research stating 45 million Americans plan to wager on the 2022 NCAA men’s basketball tournament, totaling an estimated $3.1 billion dollars.
While millions will wager by filling out a tournament bracket, a good chunk plan to place a different type of bet on tournament events this year.
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2022 March Madness Odds
Americans Look To Bet Outside Of Brackets
According to the AGA’s research, more Americans are looking toward non-bracket channels to wager on the NCAA tournament in 2022 compared to prior years.
Approximately 20.9 million Americans will wager on March Madness either through a retail sportsbook, online sportsbook, with a bookie, or casually with friends.
American bettors plan to place 75% of their bets outside of brackets, a big increase from 55% last year.
These numbers continue to grow as legal betting expands across the country. Compared to the 2021 March Madness tournament, 29 million more Americans have access to legal wagering in their home state.
The following states have launched legal betting options since then:
- North Dakota
- South Dakota
Betting also expanded in a key market. New York had retail wagering for last year’s tournament, but the expansion of online wagering in the state will undoubtedly boost betting handle for the tournament this year.
And if you love brackets, don’t worry, those aren’t going anywhere. The report estimates 36.5 million Americans will also fill out a bracket, many in addition to other forms of wagering.
Which March Madness Team Is Everyone Wagering On?
Now that Selection Sunday has come and gone we know which teams got the coveted No. 1 seeds in the tournament.
Gonzaga, Arizona, Kansas, and Baylor snagged the four No. 1 seeds for March Madness.
Of those polled by the AGA, 17% of bettors identified Gonzaga as their favorite to win the tournament. Duke, which snagged a No.2 seed got 12% of the bettors’ votes.
Kansas took third place, with 11% of people polled wagering on them to go all the way.
For some of those in the study, a 2022 March Madness tournament bet may be the first bet they ever place. Nine states have adopted legal wagering since the last tournament, leaving a lot of new college basketball bettors out there on the market.
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