The men’s and women’s NCAA Tournament betting is expected to bring in almost double the Super Bowl this year. Experts say this is because sports betting has been mainstream long enough and is legal in more than enough states.
Additionally, basketball is the easiest sport to bet next to football and the popularity of the tournaments is off the charts. The favorites are still alive on both the men’s and women’s brackets which will keep the wagers coming in. North Carolina sports betting especially has seen a boost.
The state’s biggest schools are in both tournaments, and the newly legal online betting state saw huge numbers last week. Washington, DC, sports betting is also looking for a boost, and one councilman is proposing more sportsbooks to get the money flowing.
Sports Betting News: NCAA Tournament Betting Projections; North Carolina Gets A Boost While DC Needs One
The American Gaming Association projects $2.27 billion will be legally wagered on the men’s and women’s NCAA Tournaments this year.
The total is nearly twice as much believed to be wagered on this past Super Bowl ($1.4 billion). Speaking to ESPN, AGA’s head of research, Dave Forman, said the estimates are based on monthly sports betting revenue reports released by states.
“March Madness is the biggest and most mainstream betting event of the year, especially with the brackets,” Forman told ESPN. “But with legal sports betting having been around now for five years and available in almost 40 states, we wanted to turn our focus to the legal market.”
Entering the second week of the tournament, it’s unclear what has been wagered so far. There isn’t a way to easily track it this soon. But BetMGM avoided losses when Kentucky was eliminated. The Wildcats were the sportsbook’s biggest liability.
UConn remains the odds-on favorite to win the title at +210. Houston is next at +500, while Purdue is at +600. Arizona rounds out the top four at +900.
The longest shots to win the title at NC State, San Diego State, and Clemson at 75-1 each.
On the women’s side, South Carolina remains the heavy favorite to win it all at -155. Caitlin Clark’s Iowa team is next at +750. LSU (+950) and UConn (+1200) round out the top four faves.
Duke, Indiana, Baylor, Colorado, and Gonzaga have the longest odds at +12000.
North Carolina Sports Betting Soars During Tournament
The first weekend of the NCAA men’s tournament saw a surge in North Carolina’s sports betting.
Citing information provided by geolocation service provider GeoComply, Legal Sports Report says activity skyrocketed. From March 21-24, North Carolina sports betting apps had a total of 19.5 million geolocation transactions. That’s a 56 percent increase from the same four-day period a week earlier.
North Carolina sports betting began earlier in March. It got a boost during the first round as tournament games were held in Charlotte. Additionally, Duke, UNC, and NC State all advanced to the Sweet 16 on the men’s side. Those same three schools also played on the women’s side, with the UNC women being the only team eliminated.
Washington DC Sports Betting Overhaul?
Councilmember Kenyan McDuffie has introduced a bill to that would make Washington DC sports betting a bettor’s marketplace. McDuffie is seeking up to seven online sportsbooks under The Sports Wagering Amendment Act of 2024.
Currently, the DC Lottery allows just one online sportsbook in a non-bid process. That sportsbook is FanDuel, which took over for the flunking Gambet DC. It’s believed that Gambet’s poor platform and user issues have cost DC $60 million.
Washington, DC, sports betting is currently allowed in two casinos within the city limits and through the FanDuel app. This new Bill would open the marketplace for more competition and better experiences for the bettor.
