Last updated on March 23rd, 2024 at 09:12 am
The National Collegiate Athletic Association’s Division 1 college basketball tournaments started earlier this week. March Madness is a well-known phenomenon that drives fans and sportsbooks into a frenzy. Thus, industry experts expect it to bring huge profits to sportsbooks.
As per the American Gaming Association (AGA), bettors are anticipated to lawfully stake up to $2.72 billion on “March Madness” this year. Those numbers do not seem to include workplace brackets or wagers with friends and family that the AGA included in earlier March Madness polls.
Regulations have been loosened in 38 states plus DC, leading to a consistent rise in sports bettors in the last several years.
An independent market research organization found that 75 percent of 2023 March Madness viewers placed their first wager. Throughout the three-week competition, which features over 100 games contested by both men’s and women’s teams, the American Golf Association predicted last year that 68 million Americans will spend up to $15.5 billion. In sports betting, 31 million planned to use online platforms, brick-and-mortar sportsbooks, or a bookie, while 21.5 million opted to “bet casually with friends.”
Huge Profits to Sportsbooks During March Madness
Last year’s NFL Super Bowl was the most heavily bet-upon contest in American sports, attracting 50 million individuals to wager $16 billion. Reports from bookmakers indicate that number increased to 68 million bettors wagering $23.1 billion this year, keeping with the Super Bowl’s suitable location in Las Vegas. Thus, it is the best time to learn how to become a bookie.
The growing popularity of women’s college basketball is a factor that has contributed to an increase in wagers on March Madness.
According to bookie news reports, bets on women’s college basketball have nearly tripled from last year because of the success of great players like Iowa’s Caitlin Clark and Louisiana State’s Angel Reese.
In a research note dated March 13, stock analysts at Jefferies stated that, with the NCAA basketball playoffs set to start, “investor interest remains focused on the burgeoning U.S. market, where the state legalization,” marketing and the route to profitability are still under discussion.
When starting a basketball sportsbook, we recommend knowing what is a bookie pay per head. That way, you can become a bookie cost-effectively.
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