March Madness to Attract $3.1 Billion in Legal Bets, Billions More Illegally

Posted on: March 13, 2025, 09:32h. 

Last updated on: March 13, 2025, 10:21h.

Devin O'Connor @CasinoorgDevinO Read More
Expertise: Asia Pacific Gaming, Commercial Gaming, Legislation, Politics.
  • March Madness begins next week
  • The college basketball tournaments are expected to draw $3.1 billion in legal bets
  • More money will be wagered unlawfully

The 2025 March Madness men’s and women’s college basketball tournaments tip off next week. The brackets are expected to draw around $3.1 billion in legal bets.

March Madness bets American Gaming Association
The men’s 2021 March Madness bracket. Legal bets on this year’s men’s and women’s college basketball tournaments are projected to reach $3.1 billion. (Image: Shutterstock)

Though the Caitlin Clark effect — which greatly heightened interest in the women’s tournament last year — is no more, the American Gaming Association (AGA) forecasts that legal sportsbooks will take $400 million more in bets than they did a year ago. It’s also more than double the $1.4 billion that the AGA estimated would be wagered on last month’s Super Bowl.

There are the same number of legal sports betting states in operation in March 2025 as there were in March 2024 — 38, plus Washington, DC. Legal sports betting hasn’t expanded since March 2024, as Missouri hasn’t yet launched its legal sports gambling market despite voters authorizing sports betting during the November election.

The AGA says the public’s “growing trust” in legal wagering options is the reason for the projected growth for March Madness bets this year.

March Madness is one of the most exciting times in American sports, with fans fired up for both the men’s and women’s NCAA tournaments,” said Jay Maloney, the AGA’s senior vice president of strategic communications. “As legal wagering expands across the US, more fans than ever have the opportunity to bet legally and responsibly.”

Many billions more will be wagered through offshore sportsbooks and local bookies. Friends and colleagues will also stake millions on bracket challenges. The AGA no longer provides wagering estimates for illegal operations. It did in 2023, however, with the group putting the unlawful bets at more than $12 billion.

Duke Favored

Though the brackets won’t be set until Selection Sunday at 6 pm EST, No. 1 Duke is the betting favorite to cut down nets in San Antonio on April 7. BetMGM has the Blue Devils at +320 (implied odds of 23.8%) to win their sixth national championship, but their first in a decade.

Auburn is a close second at +350, with Florida (+600), Houston (+800), and Alabama (+1200) rounding out the top five. Last year’s winner, UConn, is at +6000.

On the women’s side, the defending champion South Carolina Gamecocks are the front-runners at +260. Connecticut, which lost in the Final Four last year but returned two-time All-American Paige Bueckers and added the top recruit in the country in Sarah Strong, is next at +280.

Notre Dame, USC, and UCLA round out the top five, with each team at +550.

Play Responsibly 

The AGA is reminding bettors to participate in sports betting responsibly. The gaming trade group’s responsible gaming program for sports betting is titled, “Have A Game  Plan.”

“Have A Game Plan” encourages bettors to set and stick to a budget, keep it social and entertaining, become familiar with the odds and understand the risk involved, and use only legal sportsbooks. The program’s newest principle — “Keep Your Cool” — was implemented in December and emphasizes bettors’ responsibility to not harass players, coaches, refs, or anyone else involved in the outcome of a game.

“The result of a bet — win or lose — is not an invitation to criticize … online or in-person,” the AGA said.