The 2022 NCAA college basketball tournament starts today with 68 teams fighting for the championship title. For sportsbooks, this is one of the biggest sporting events of the year with billions of dollars in wagers. Today, fans get to see 4 basketball teams trying to make a last-ditch effort to make the 64-team bracket. However, that is just the beginning for sportsbooks and fans alike. In total, Sports betting analysts believe March Madness Betting will Reach Over $10 Billion this year.
According to betting odds platform providers, this year will have the highest legal handle in March Madness history. A total of 45 million Americans will place at least one bet on March Madness this year. These figures are higher than previous years because of the increase in states with legal sports betting. Therefore, more people will have an opportunity to bet on their favorite college basketball team in the U.S.
In addition, this also includes wagers made with friends and from March Madness Brackets or pools. Around $50 million people will participate and hope for a winning a March Madness Bracket pool this year. Interestingly enough, 29% of them will be done at work and 89% of workers believe it helps build better camaraderie.
March Madness Betting will Reach $10 Billion from Legal and Illegal Sportsbooks
Gambling on March Madness is done through various methods which includes both legal and illegal ways. According to Bookie Pay Per Head companies, the majority of these wagers will be made at a sportsbook. However, $4 billion of these wagers will be made at an offshore sportsbook which is outside of U.S. jurisdictions.
From the 45 million Americans that will bet on the tournament, 36.5 million will wager in a March Madness bracket. However, most of the gambling will be straight up bets on a game. The average bet size will be around $35 and this year, 18 million Americans will place their bet online.
Of course, sportsbooks and bookies will not be the only ones to make a mint from the 2022 NCAAB tournament. For example, beer companies will see a 19% rise in beer sale throughout the tournament. IN addition, chicken wings sales will also see a 23% increase in sales.