Sports betting during this year’s March Madness might break records as more states legalize wagers on the NCAA tournaments.
on the men’s and women’s NCAA basketball tournaments, which started Thursday and will run through early April, according to an estimate by the American Gaming Association. That figure does not even count wagers that were made outside of legal bookmakers, which are massive.
The transition toward legal sports betting began in 2018, when the Supreme Court ruled that a 1992 law prohibiting the activity was unconstitutional. That landmark decision paved the way for states to legalize sports betting, and, each year, more states have begun offering residents the opportunity to place legal bets.
Johnny Avello, the director of race and sportsbook operations for betting giant DraftKings, is also expecting a banner year for sports betting during March Madness. “I think with the NCAA using these terminologies, Sweet 16, Elite Eight, Final Four, I think that creates individual betting events, so it’s like each one of these is an overall event,” Avello explained.
This year is also unique in that the women’s NCAA tournament is getting more attention and drawing more wagers. That’s in part because of the star power of female players such as Caitlin Clark of Iowa and Angel Reese of LSU.Kirk Wakefield, a professor and Baylor University’s executive director of the Center for Sports Strategy and Sales program, told thethat in general, since the time of the pandemic, overall attention to sports and engagement with fans has been growing.
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