March Madness remains America’s biggest betting event.
An estimated $3.1 billion is expected to be legally wagered on this year’s men’s and women’s NCAA tournaments, the American Gaming Association announced Thursday. That’s a 12% year-over-year increase and more than double the $1.39 billion the AGA estimated would be bet on this year’s Super Bowl.
The volume of bets reflects the expansion of legal wagering across America since the Supreme Court struck down a federal ban in 2018 and gave states permission to decide for themselves. Thirty-eight states and the District of Columbia have legalized some form of sports betting, enabling citizens to place wagers at online or brick-and-mortar sportsbooks.