March Madness is one of the biggest sporting events in America year after year. With the 63 games played in 3 weeks, the buzzer-beaters, the upsets that bust people’s bracket, the Cinderella run that we all fall in love with, the one shining moment montage at the end of every tournament, and last and definitely not least, the amount of money made in betting. In 2018 the Supreme Court legalized sports betting. Since then over 27 states have legalized sports gambling as of April 2021. Since 2018 over $49 trillion has been waged on across the nation according to Legal Sports Report with Nevada and New Jersey as the top two states with each having almost $14 trillion waged on since 2018. With almost every state either having sports gambling legalized or have a bill being voted on to pass it. Sports gambling is the future and Joe Buck in an interview with Pardon My Take said it best with sports gambling, “I don’t even think the surface is being scratched.” Sports gambling has been on the rise since 2018, but it will only keep getting bigger especially with March Madness with the amount of money that could be made.
In 2021 March Madness returned for the first time in 710 days since we last saw Virginia hoist the trophy when they beat Texas Tech in the National Championship. In that 2019 tournament over $8.5 billion was wagered on according to American Gaming Association (AGA). The AGA also found that the $8.5 billion waged on that led to over 47 million Americans to be betting on the 2019 tournament. I would expect these numbers to just keep getting bigger and bigger just simply due to more states being in the process of legalizing sports betting.
When the 2021 March Madness was just around the corner for the first time in almost two years some bettors were very excited to bet on what some call their favorite day in sports every year. According to David Purdum with ESPN in Las Vegas bettors were lined up at 6:30 a.m. to start placing their bets. All of these bettors just wanted to get back to what they know best and get away from work for the weekend. It was also found from TheBestSchools that during March Madness over $1.9 billion is estimated to be lost from companies with their worker’s productivity being down due to March Madness being on. So if it’s waiting for the casino doors to open just like the morning of Black Friday or calling in sick, to work so you can watch March Madness, people were very excited for March Madness to be back and also to be betting on the games.
When It comes to betting some bettors take it a lot more seriously than others. In this year’s tournament, a man named “Mattress Mack” who is a 70-year-old businessman and gambling expert or addict depending on who you ask decided to place a $1 million bet on the 2 seeded Houston Cougars to win this years tournament at +900 odds. If the Cougars won Mattress Mack Would have won $9 million. The Houston Cougars lost in the Final Four to eventually championships Baylor Bears. Mattress Mack is just one example of the amount of money that is put into this tournament every single year.
With bettors having March Madness back for the first time in almost two years we can expect numbers to reach over $10 billion compared to the $8.5 billion that was reached in the 2019 tournament. Sports betting will continue to get bigger and so will the attraction to March Madness with sports betting. So it raises the question: Go big or go home?
Sources:
https://www.legalsportsreport.com/sports-betting/revenue/
2019 March Madness Betting Estimates
https://www.espn.com/chalk/story/_/id/31116078/notable-bets-sportsbooks-win-big-fans-action-return-march-madness
https://thebestschools.org/magazine/25-fun-facts-about-march-madness/