March Madness Tip Off
![NCAA Slam Dunk](https://cdn.spa.rg.prod.bemymedia.com/static/_next/image?url=https%3A%2F%2Fcms-cdn-rg-prod-bemymedia-com.s3.us-east-2.amazonaws.com%2F2024_march_madness_schedule_b5100bed56.png&w=3840&q=75)
photo credit Bob Donnan-USA TODAY Sports
March Madness, the NCAA Men’s Division I Basketball Tournament, draws significant attention to the sport and the betting it inspires. This period sees wide participation across the United States, where individuals engage in various forms of betting, from casual pools among friends to more formal bets online. As this event unfolds, it's accompanied by a surge in betting activity, reflecting the broader trends in the nation's growing acceptance and regulation of sports betting.
Record-Breaking March Madness Bets
In 2023, the American Gaming Association (AGA) reported that an estimated 68 million Americans, equating to a quarter of all adult Americans, planned to wager a total of $15.5 billion on the NCAA Men’s Division I Basketball Tournament. This betting enthusiasm was split across the most popular U.S. Sportsbooks, with 31 million Americans engaging in traditional sports wagers online, at retail sportsbooks, or through bookies. Additionally, 21.5 million were expected to bet casually with friends, and 56.3 million aimed to participate in bracket contests. The surge in betting was attributed to the growth of legal online wagering options and a resurgence of interest in bracket contests, with three-fourths of online bettors participating in March Madness betting for the first time. This period marked the first time the tournament featured Las Vegas as a regional host location, underscoring the expansion of regulated sports betting and its integration into popular sports traditions.
So what does this mean for March Madness 2024?
While the AGA has not released specific projections, it's reasonable to anticipate an increase in both participation and the amount wagered, given the trends in legal sports betting and the tournament's growing popularity.
Biggest Betting Wins at March Madness
Over the years there have been many big March Madness wins among U.S. bettors. More often than not, the house is the winner but some bettors have made the headlines with their bets.
One of the biggest longshot bets in history was made during the 2021 March Madness tournament by Colorado native Eli Sawaged, who placed a $10 bet on a 10-team parlay and incredibly took home over $33,000. This was the biggest longshot bet ever won in March Madness history.
![Eli Sawaged](https://cdn.spa.rg.prod.bemymedia.com/static/_next/image?url=https%3A%2F%2Fcms-cdn-rg-prod-bemymedia-com.s3.us-east-2.amazonaws.com%2FALL_AXS_PKG_transfer_frame_367_93aa0350a4.jpeg&w=3840&q=75)
Eli Sawaged (credit: CBS)
Sawaged needed Oregon State to win over Oklahoma State to complete his Parlay Bet. Leading up to the game, he could have taken $22,000 as an Early Cashout offer at DraftKings Sportsbook, where he made his bet, but instead, he let the bet ride.
"I fully went in expecting to lose that $10," he told CBS News in their interview with him. "I've never been an Oregon State fan, but I'm debating getting a tattoo or something because they came through for me. Nobody in my family has ever been an Oregon State fan, but we all are Oregon State fans now."