Betting on March Madness set to shatter records amidst surge in sports wagering

Sports Betting Frenzy: March Madness Set to​ Smash Records

As ‍more states give the⁢ green light ​to sports wagering, this ‌year’s March⁢ Madness is gearing up ‍to⁢ break betting⁣ records anew. With an ⁤estimated $2.72 billion in legal bets anticipated on the NCAA men’s and women’s ‍basketball tournaments, the craze ​is in full swing.

“I think it’s a pretty‍ reasonable expectation that this year will produce record amounts of legal wagering,”

The surge in legal sports betting is palpable, with new states joining the fray year over year. The momentum continues⁢ to build, ​with experts forecasting a banner year for the 2024 tournaments.

Expanding Reach of Legal Sports Betting

Since the‌ pivotal Supreme Court ruling in 2018 that overturned the ban on sports betting, the landscape has evolved rapidly.⁣ States like Kentucky and North Carolina have recently embraced online sports wagering, adding more fuel to the March Madness fire.

• Kentucky boasts three competitive teams in the mix: No.⁤ 3 seed Kentucky, No. 14 seed Morehead State, and No. 15 seed Western Kentucky.
• North Carolina fields three contenders as well: No. 1 seed ⁤North Carolina, No. 4 seed Duke, and ‍No. 11 seed North Carolina State.

High Stakes ‌and Big Payoffs

Johnny Avello, the director of DraftKings’ race and ⁤sportsbook operations, is eyeing a record-breaking March Madness season. With a plethora of betting options available, ​including enticing prop bets, the thrill of the tournament extends far beyond the courts.

“This takes place over a three-week period. It’s the biggest annual event of‌ any‌ given year for us,” Avello highlighted, emphasizing the tournament’s⁤ allure compared to other major sporting‍ events.

This year, the NCAA tournaments are projected to attract‌ nearly double ‍the wagers ⁢seen during the Super Bowl, underscoring the widespread appeal of the March Madness betting extravaganza.

March Madness and Women’s Basketball

Notably, the women’s NCAA⁣ tournament is gaining ⁤traction, drawing⁣ increased attention and wagers.⁣ Star players like⁣ Caitlin Clark and Angel Reese are fueling the excitement, with betting on women’s basketball skyrocketing over 12 times from last year.

“Betting and other activities parallel ⁤fan passion, fan passion is up, so guess what, sports betting is up,” remarked Kirk Wakefield from Baylor University’s Center for Sports Strategy ⁣and Sales program.

With heightened engagement‍ and ​fervor around sports⁤ betting,‍ the basketball tournaments are set to captivate a broader audience and drive unprecedented betting activity.

While the final outcome remains uncertain until⁤ a victor is crowned, one thing is clear: this year’s March Madness promises an electrifying spectacle of bets and big wins, enveloping ⁣fans in a whirlwind of sports fervor and competitive spirit.

“It’s ⁤pretty ⁤reasonable to ‍expect you’re going to see a considerable ‌increase in ‌legal wagering on March‌ Madness,” Zochodne reinforced, underlining the shifting⁣ dynamics⁢ and burgeoning‌ excitement in the sports betting realm.