The 2021 NCAA Men’s Basketball Tournament will “almost certainly” be the first sporting event in US history to draw more than $1bn in legal wagering, and could approach $1.5bn, according to PlayUSA projections.
However, caution is issued on the unpredictability of gauging interest in the event, with data lacking from 2020 due to the tournament’s cancellation, and a radically changed sports betting ecosystem now evident across the country.
With numerous variables in play, analysts are predicting that New Jersey will lead the way with $300m in betting, however, Indiana, where the tournament is to be hosted in its entirety, is also said to boast the potential to turn heads.
“The 2021 NCAA Tournament will be the most widely bet-on sporting event in US history,” explained Eric Ramsey, analyst for PlayUSA.com.
“The popularity of the NCAA Tournament combined with such a high number of games typically makes March Madness the largest sports betting holiday each year in terms of handle, and there is no reason to suspect that won’t be the case this year.