The number of brackets filled out this week will outnumber the total votes ever cast for a single presidential candidate, according to the American Gaming Association.
The AGA, a casino industry advocacy group, released the figures Monday, claiming 70 million brackets are expected to be filled out during March Madness this year. No President has ever received more than 69 million votes, per data from the Roper Center.
The total amount that will be wagered on this year’s tournament is estimated to hit $9.2 billion, with only about $262 million through legal channels. For comparison, the AGA predicted $4.2 billion would be bet on this year’s Super Bowl, with legal gambling accounting for just $115 million (actual Super Bowl betting in Nevada surpassed the AGA’s estimate).
“Americans’ passion for betting fuels the unmatched popularity of March Madness,” AGA president and CEO Geoff Freeman said in a press release. “Betting increasingly drives sports fans—and even casual observers—to invest in the tournament, offering further evidence that sports betting is the new national pastime. It’s time for a fresh, rational approach to sports betting that reflects this reality.”
In Nevada, the impact of the NCAA tournament is obvious. Monthly betting handle on basketball has set records each of the last two years in March, hitting $375 million last year (NCAA and NBA combined). Much of the action comes in the first weekend of the tournament, as the first two rounds are completed between Thursday and Sunday.
“It’s crazy, because that first weekend is all in, and then the rest of the tournament betting wise is sort of calm,” said Nick Bogdanovich, William Hill US director of trading. “(Bettors) embrace that first four days of furious action where they can make a straight bet or make an eight-teamer, no problem, and you can get hot and turn a little into a lot or go broke trying to chase your money.
“It turns into quite a betting spectacle those first four days.”
AROUND THE WEB
- FanDuel, DraftKings and the Fantasy Sports Trade Association oppose the DFS bill that passed a New Jersey Senate Committee on Monday. The bill would allow fantasy contests in the state, but would introduce taxes and regulatory fees, and it makes no statement on the matter of skill vs. chance.
- A small startup site says it will have to leave Virginia due to a recently passed law, which includes a $50,000 licensing fee.
- Pennsylvania remains the best candidate for online gambling expansion this year.
- Pinnacle has launched a native mobile app.
LOOK WHO’S TALKING
“If you’re a college basketball fan, it’s better than the Super Bowl because there is a lot more action” —Jay Rood, sports book director for MGM Resorts, on March Madness in Las Vegas.
TWEETS OF NOTE
The @TheMirageLV sports book will open at 5:30 a.m. Thursday and Friday for NCAA tournament.
— David Payne Purdum (@DavidPurdum) March 13, 2016
Odds on anyone selecting a perfect bracket on https://t.co/MlOL02zlOs (via 5Dimes): Yes: +10000 No: -50000 — Sports Insights (@SportsInsights) March 14, 2016
ODDS & ENDS
- Best, worst tourney teams against the spread.
- It’s official: Martavis Bryant is out of the NFL for at least one year.
- NFL, NFLPA moving toward deal that would strip disciplinary power away from Roger Goddell.
- A University of Colorado defensive lineman reportedly tackled a cop when police responded to a domestic disturbance.
ODDSMAKER’S TAKE
“West Virginia was probably our biggest miss in terms of opener,” CG Technology’s Jason Simbal on the fluctuating point spreads for first-round matchups.