March Madness 2023: $6B Projected to Pour Into Sports Betting Industry 

March Madness 2023: $6B Projected to Pour Into Sports Betting Industry 

March Madness - Sports Betting

Vegas Odds conducted a thorough survey to find out how people in the United States feel about betting on March Madness in 2023. 

Vegas Odds did research to find out why people in the United States are interested in the National Collegiate Athletic Association (NCAA) men’s college basketball tournament, why people are betting on the tournament, how they plan to place their bets, and how much money they plan to bet.

According to the findings of a poll conducted by Vegas Odds, more than $6 billion will likely be bet on the event this year.

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Most people in the United States (62%) have indicated that they or someone they know will place a wager on the March Madness tournament in 2023.

When asked how they intend to place their wagers, the majority of respondents (almost 52% of them) said that they will do so through the use of an internet platform. 26% of respondents indicated that they will do it through group brackets, while 12% indicated that retail sportsbooks will be their option for gambling.

The survey also indicated that 55 percent of people who participated said that they would not be interested in March Madness if it were not possible to place bets on the tournament.

This shows how important gambling is as a reason why the annual basketball tournament is so popular.

The fact that the vast majority of gamblers (62%) consider themselves to be casual gamblers—that is, they only place bets on significant events—drives home this point even more.

The survey found that the main reason 32% of March Madness viewers watched was that they were big fans of a certain team. Gambling was the second most important factor (29%) in their decision.

A strong connection to collegiate basketball in general (18%) and a desire to keep social or traditional norms (21%) were also reasons.

When asked about the typical size of bets, 52% of respondents stated they would place bets up to $50, and 22% said they would place bets between $50 and $250.

More Data Projections for This Year’s March Madness Betting

16% of respondents indicated that they would bet between $250 and $500, while 8% mentioned that they would bet between $500 and $1,000. Only 2% of the people who took the survey said they would bet more than $1,000.

When gamblers were asked how they would spend their winnings, the majority of respondents (30%) indicated that they would use their earnings to pay for necessary costs and household bills, while 23% of respondents answered that they would put their profits into savings.

Only 15% of respondents indicated they would use their wins to pay off debts, while 18% said they would use their windfall on spending that was not necessary.

When asked how winning money would affect their future gambling habits, the majority of respondents (52%) indicated there would be no noticeable influence, while 42% said they were likely to gamble more often as a result of their victory.

When asked how their interest in March Madness would be affected if student-athletes were paid to play for their college, it is interesting to note that 66% of respondents said there would be no impact on their interest, while 22% of respondents said they would be more likely to watch, and 12% of respondents said they would be less likely to watch.

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About Lou De Aguila

Lou Aguila is a news and feature writer for Golden Casino News. For over a decade, Lou has published news and featured articles for some of the most reputable sports betting and online casino sites in the world, including BetNow.UK, VegasOdds, and BWin. Apart from being a hardcore live casino punter, he also covers sports stories in North American leagues from time to time.