March Madness Expected to Generate $4.5 billion in Wagers.

March Madness Expected to Generate $4.5 billion in Wagers.

March Madness - Sports Betting

It is currently the middle of the NCAA Men’s Basketball Tournament, which will likely get the attention of many gamblers because it is happening right now.

In fact, regulated gaming markets in North America will bring in about $4.5 billion this year. Chad Beynon, an analyst at Macquarie, came to this conclusion after looking at the amount of money bet on sports across the country and the things that have affected the results over the past few days.

According to him, the first two rounds of the tournament that is more commonly known as March Madness were responsible for 70 percent of the total amount wagered on sports during the previous week.

When it comes to the total money gambled on the event, the wagers placed on the Sweet 16 games are typically the most significant contributors. According to Beynon, around 55% of the entire money wagered on the sport is placed on the Sweet 16 and Elite 8 games, which together account for a total of 12 games.

On the other hand, the Final Four and the Championship usually account for between 40 and 50 percent of the total handle. This is due to the fact that the majority of the betting action is concentrated on the beginning and the end of the event.

Keeping More Customers in the Market

The analyst thought that the March event would be responsible for bringing in 30% of all the money that was wagered on legal markets in the US.In April, when the tournament is coming to a close with the championship game on April 3, the figure would drop to 10% of the total betting handle.

Macquarie also made note of the amount of money that the sportsbooks were able to keep for themselves, which refers to the money that was not distributed to winners of bets. In the first two rounds of the competition, the analyst estimates that there was a hold rate of 7%. Beynon stated that the fixation of bettors on wagering on “totals” was a clever way for operators to keep more of their customers’ money in their hands.

He explained that the “under” result was achieved in 67% of the games, which, in essence, indicates that the sportsbooks were able to gain an advantage over the bettors who primarily chose the “over” option when given the choice between the two. The American Gaming Association has projected that the total betting handle on March Madness would be, and Macquarie’s goal is quite a bit higher than what the AGA has predicted it will be.

The industry organization predicts that persons in the United States who are of age to gamble legally will wager a total of $15.5 billion on the results of March Madness games.

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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.