Research conducted by the VegasOdds site shows that over $6bn will be wagered on throughout the March Madness basketball tournament. In the results, you can see that betting and gambling is a big reason for planning to follow the tournament.
Overall, 29% of respondents said that their main reason for following March Madness is gambling. To add, 55% of those surveyed said they would be less interested in the tournament if gambling wouldn’t be available. On top of that, 42% stated that they would place a bet to ‘give me a more interesting reason to watch.
Additionally, on the topic of the ways people plan to bet, 52% of respondents stated that they intend to use an online sportsbook to place a bet on March Madness, whilst 26% said they would bet with work or friends, and 12% plan to bet in-person at a casino or sportsbook. And a share of 10% plan to ask a family member or friend to place a bet on their behalf.
Regarding the budget planned for betting, 52% of bettors plan to wager up to $50 on March Madness. 22% aim to bet between $50-$250, and 16% will bet $251-$500. 8% will bet $501-$1000 whilst 2% intend to wager over $1000 on the tournament.
Finally, from the RG (responsible gambling) angle, 33% of bettors in the survey stated they would use their potential winnings to either clear debt or to make up household essential spending. An additional 42% also stated that winning a bet would make them more likely to gamble more often.
Click here and read Let’s get ready for March Madness!
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