The Super Bowl is the biggest single betting day in American sports but when it comes to wagering power, all US sporting events are dwarfed by the NCAA men’s basketball tournament.
March Madness 2020 Betting Figures:
- 67 games
- 52 mln Americans expected to wager this year combined $10 bln vs.47 mln last year
- 100-120 mln will be bet online in NJ vs. $80 mln last year
- 25% of that NJ online total is being wagered by New Yorkers
- Average online bet in NJ – $80 vs. $45 average bet (expected on EURO 2020)
It’s known as March Madness, and when it comes to wagering on the 67 games that comprise the tournament, the madness afflicts one in five Americans.
It’s estimated that last year about 47 million people (52 mln predicted this year) – 20% of American adults – wagered a combined $8.5 billion ($10 bln in 2020 expected) on the annual men’s college basketball tournament. By comparison, $325 million was wagered on Super Bowl Sunday.
With the steady legalization of sports betting across the USA, the slice of that pie being bet on March Madness which is wagered online is growing in leaps and bounds.
How much is wagered on March Madness 2020 in NJ online…
AmericanGambler.com anticipate that between $100-120 million will be bet online this year via New Jersey’s online sportsbooks. That’s compared to the $80 million that was wagered via this option a year ago.
If the high end of that estimate is reached, that would mean a 50% increase in online wagering in the state in the span of a year. The trend is due to an increase in the number of online sportsbooks in New Jersey, and because the market is maturing.
…and how NY bettors contribute?
Further estimates indicate that approximately 25% of that total is being wagered by New Yorkers who are crossing the border to utilize online sports betting apps within New Jersey state lines.
Although the first legal sportsbooks opened in New York state in July of 2019, online wagering is not permitted.
NCAA Basketball Tournament Betting Sites
Betting first time in 2020? Get signup bonus by creating an account with these NJ sportsbooks codes?