US bookmakers have already started licking their lips and counting their profits. They estimate that over $1 billion will be gambled on this single tournament. This makes this college basketball tournament the most gambled upon US sporting event outside of the Super Bowl, which saw $4.3 billion wagered. If you don’t feel like betting on sports try your luck on slots and other casino games at Cookie Casino.
The 2021 NCAA Division 1 men’s college basketball tournament, also known as March Madness, will be held in Indiana from the 18th of March to the 5th of April. 68 different universities will be represented in the tournament as they all try to add the most coveted trophy in college sports to their college’s cabinet.
Gonzaga is the favourite to win the title, with 13.6% of bettors gambling on them. Illinois has the 4th shortest odds. However, they have the most punters betting on them, 20.6%. Georgetown and Georgia Tech are both extreme long shots at +10,000, which gives them only a 1% chance of winning. A small $100 could win you $10,000.
The American Gaming Association has estimated that 48 million Americans will be betting on the games and that new records will be set.
With the continued explosion in the popularity of online gambling, 17.8 million Americans will bet online, while 8.5 million will place bets with physical bookmakers.
Currently, one brave American sports bettor has put down $20,000 on West Virginia to win the tournament. At 25:1 odds, this would win the anonymous gambler $500,000, not bad for two weeks of “work.”
Why Is Sports Betting Growing In America?
The US sports betting industry is currently valued at $203 billion and continues to see strong growth. This is caused by an increasing acceptance of gambling in American society combined with legalization across many states and the rise of online gambling.
The American Gaming Association President Bill Miller said sports betting has exploded in popularity since 2019. He said the fact that in just three years, sports betting has become legal in 13 additional states, allowing over 65 million Americans to bet legally.
This legalization has coincided with the rise of online casinos, which have made it effortless for Americans to download an app, sign up in less than a minute, deposit instantly with their credit card and immediately start gambling.
The unique sports betting gambling environment in the US has played a significant role in ensuring that the 2021 March Madness basketball tournament will be a gambler’s paradise. Records are expected to be smashed, with over $1 billion likely to be gambled.