Games Of Chance: March Madness Legal Wagering Expected To Top $3B In ’25
Thursday, March 13, 2025 at 03:50PM By Barry Janoff
March 13, 2025: People will legally wager $3.1 billion on the men's and women's Div. I college basketball tournaments this year, up from $2.7 billion in 2024.
According to the American Gaming Assn., “This growth underscores the expanding legal sports betting market and the growing trust in legal wagering options.”
"March Madness is one of the most exciting times in American sports, with fans fired up for both the men's and women's NCAA tournaments," Joe Maloney, American Gaming Assn. svp-strategic communications, said via the organization.
“As legal wagering expands across the U.S., more fans than ever have the opportunity to bet legally and responsibly."
Entering March Madness, 38 states and Washington DC offer legal gaming options. Missouri is legal, but not yet operational, according to the American Gaming Assn.
The $3.1 billion figure is only part of the estimated total amount that could be wagered this season.
As it did when gauging wagering for Super Bowl LIX and the 2024 Men’s and Women’s Tournaments, the American Gaming Assn. said its 2025 March Madness analysis is based on the monthly sports betting revenue reports released by states, and only bets placed on the NCAA tournaments.
In 2023, the American Gaming Assn. report indicated that $15.5 billion could be wagered on the NCAA tournaments, but that estimate also included bracket pools and wagers with unlicensed sportsbooks and bookmakers.
Commercial gaming revenue reached an annual record of $71.92 billion in 2024, including a record nationwide sports betting revenue of $13.71 billion.
"The commercial gaming industry continues to evolve, with online gaming making up 30.0% of nationwide commercial gaming revenue in 2024, generating a new annual record of $21.54 billion," according to the American Gaming Assn.’s Commercial Gaming Revenue Tracker.
The total surpasses 2023’s previous high of $66.5 billion by 7.5%, marking the industry’s fourth-straight record revenue year.
“The sustained growth of legal gaming is a win for our industry and the consumers and communities we serve,” Bill Miller, American Gaming Assn. president and CEO, said via the organization.
“Every dollar of gaming revenue fuels jobs, investment, and economic growth—reinforcing why the legal industry’s expansion is so important.”
Based on its most recent numbers, the American Gaming Assn. said legal gaming has a $329 billion impact on the annual national economy and generates $53 billion annually in tax revenue.
According to the American Gaming Assn.'s 2024 American Attitudes Survey, 75% of Americans support legal sports wagering in their home state, and 90% view sports betting as an acceptable form of entertainment.
Throughout the month of March, its Have A Game Plan. Bet Responsibly campaign will share messages encouraging responsible sports betting.
U.S. Gaming Revenue Hits Record $71.9B, Sports Wagering Tops $13.7B
American Gaming: People In U.S. Will Legally Wager $1.39B On Super Bowl LIX
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