Each year, college basketball enthusiasts eagerly anticipate the NCAA Men’s Basketball Tournament, commonly known as March Madness. Beyond the excitement of the games, the tournament has become a focal point for a variety of betting activities, ranging from office bracket pools to individual game wagers.
Estimating the total amount wagered during March Madness is challenging due to the diverse forms of betting and the mix of legal and illegal activities. In 2024, it was estimated that $2.72 billion was legally wagered on the tournament in the United States. However, when considering illegal bets, office pools, and casual wagers among friends, the total amount bet on March Madness was projected to be around $15.5 billion.
With the expansion of legalized sports betting across the United States, the amount wagered legally on March Madness has seen significant growth. In 2024, Americans legally bet approximately $2.72 billion on the tournament. This figure is expected to rise in 2025, with estimates suggesting that legal bets could surpass $3 billion.
Bracket pools remain a popular way for fans to engage with March Madness. Participants fill out brackets predicting the outcomes of each game, often competing in office pools or online contests. While precise figures are hard to determine, it’s estimated that billions of dollars are wagered through these informal channels each year. For instance, in 2024, the total projected wager on March Madness, including bracket pools and other informal bets, was around $15.5 billion.
I was recently introduced to NCAA Tournament player pools, and I have to admit, it’s probably my favorite form of gambling when it comes to the big dance.
Player pools are where you pick players from different teams and earn points based on how many points they score throughout the tournament. Set up a snake draft just like you would for fantasy football or other fantasy sports, and pick players, it’s that simple.
The key to winning these player pools it to pick players who will be playing a lot of games in the NCAA Tournament. So, it’s not surprising to see players from No. 1 seed teams go early and often in the draft.
These player pools likely will be paying out the top three places or more depending on the amount of entrants. You can also do a payout to the highest individual scorer of the tournament. That keeps a lot of people alive for a prize at the end if they picked one really good player, but the rest of their team is garbage.
Beyond pools, many bettors focus on individual games, placing wagers on point spreads, money lines, or totals (over/under). With the rise of legal sports betting, the accessibility and variety of these wagering options have expanded. For example, in 2024, legal sports betting on March Madness reached approximately $2.72 billion.
Futures bets involve wagering on a team to win the NCAA tournament before or during the event, often at attractive odds. For instance, in 2024, the University of Connecticut (UConn) entered the tournament with odds of +360 (or 3.6-to-1). A notable example includes a bettor who placed a $600,000 wager on UConn, resulting in a $2.76 million payout when they clinched the championship.