March Madness to Attract $3.1 Billion in Legal Bets, Billions More Illegally
The men's and women's college basketball tournaments for March Madness 2025 start next week. The tournament is anticipated to generate approximately $3.1 billion in lawful wagers.
While the Caitlin Clark effect, which significantly increased interest in the women’s tournament last year, has faded, the American Gaming Association (AGA) projects that legal sportsbooks will accept $400 million more in wagers compared to last year. It’s more than twice the $1.4 billion that the AGA projected would be bet on last month’s Super Bowl.
The number of legal sports betting states in operation remains unchanged from March 2024 to March 2025, totaling 38 along with Washington, DC. Legal sports betting has not grown since March 2024, as Missouri has not activated its legal sports gambling market, even though voters approved sports betting in the November election.
The AGA states that the anticipated increase in March Madness bets this year is due to the public's “increasing trust” in legal wagering alternatives.
"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,” said Jay Maloney, the AGA’s senior vice president of strategic communications. “As legal wagering expands across the US, more fans than ever have the opportunity to bet legally and responsibly.”
Countless billions more will be bet through offshore betting sites and local bookmakers. Friends and coworkers will likewise wager millions on bracket competitions. The AGA has stopped offering betting estimates for unlawful activities. In 2023, however, the group placed illegal bets exceeding $12 billion.
Duke Preferred
Although the brackets won't be finalized until Selection Sunday at 6 pm EST, No. 1 Duke is the favored team to win in San Antonio on April 7. BetMGM lists the Blue Devils at +320 (implied odds of 23.8%) to secure their sixth national title, which would be their first in ten years.
Auburn follows closely at +350, while Florida (+600), Houston (+800), and Alabama (+1200) complete the top five. The previous year's champion, UConn, has odds of +6000.
In the women’s bracket, the reigning champion South Carolina Gamecocks lead the pack at +260. Connecticut, having fallen in the Final Four last year but welcoming back two-time All-American Paige Bueckers and securing the nation’s top recruit Sarah Strong, follows at +280.
Notre Dame, USC, and UCLA complete the top five, with every team holding +550.
Gamble Responsibly
The AGA is encouraging gamblers to engage in sports betting in a responsible manner. The sports betting responsible gaming initiative of the gaming trade group is named, “Have A Game Plan.”
“Have A Game Plan” encourages bettors to set and stick to a budget, keep it social and entertaining, become familiar with the odds and understand the risk involved, and use only legal sportsbooks. The program’s newest principle — “Keep Your Cool” — was implemented in December and emphasizes bettors’ responsibility to not harass players, coaches, refs, or anyone else involved in the outcome of a game.
“The result of a bet — win or lose — is not an invitation to criticize … online or in-person,” the AGA said.
