A National Research Group (NRG) study completed at the end of the Elite Eight round found that 31% of all Americans ages between 21 and 64 have chosen to wager on this year’s March Madness. Among them, 65% claim they have bet more than ever on this year’s tournament. The heavy legalization of sports betting in 2022 is one of the main factors that triggered the high volume of bets. In mid-march, the American Gaming Association released a study that stated around 45 million Americans were planning on wagering on the March Madness tournament.
NCAA Men’s Basketball Tournament in Betting Numbers
The National Collegiate Athletic Association (NCAA) Men’s Basketball Tournament is a flagship event that acts as a powerful magnet for bettors each year. However, according to NRG research, this year’s edition broadcast by DraftKings has triggered some records in betting numbers, mostly thanks to the widening of the sports betting industry in many US states.
The NRG study was conducted online between March 28 and March 29 and it was aimed at 1,000 Americans aged between 18 to 64. Sports bettors are defined as individuals who are at least 21 and who wager frequently or on occasion.
The research concluded that 39% of all March Madness bettors chose to wager at least $250, while 63% of them wagered a minimum of $100. Here are some more interesting betting numbers: 2% of bettors wagered under $5, 7% wagered between $5 and $19, 13% wagered between $20 and $49, 15% wagered between $50 and $99, 24% wagered between $100 and $249, 17% wagered between $250 and $499, while 16% wagered between $500 and $999, while 6% wagered more than $1,000.
Number of Games and Rounds Wagered at the March Madness
According to the same research, 24% of all March Madness bettors wagered on at least 10 games during the 2022 event, while 63% wagered on a minimum of three games and up to 10 games. More than half of all bettors wagered on the First Round, which was an all-time high for bets on any round in history. The percentages went on a descending trend starting with the Second Round when only 46% of bettors chose to place a wager. The Sweet Sixteen stimulated the interest of just 44% of bettors, while only 30% of bettors wagered on the Elite Eight round. This particular decline could find an explanation in the busted bankrolls as well as the smaller number of games to choose from.
The same survey found that 60% of March Madness bettors did not fill out a bracket during the tournament, with 54% of them claiming the legalization of sports betting and the widening of other betting choices made them lose their interest in brackets. Only 8% of all bettors decided to fill out a bracket without placing any individual bets on the games.
As for the types of bets preferred by NCAA Men’s Basketball Tournament bettors, 39% wagered on money line bets, 30% chose live game bets, 28% preferred spread bets, parlays and over/under bets were selected by 27% each, while futures and same-game parlays –shared the same 25% rate.