This week’s gambling news finds that more people will place March Madness bets this year than on the Super Bowl! And the continued growth of sports betting is pushing those numbers higher all the time! We discuss this trend and gambling news from New Jersey and Nevada!
Hello friends! And welcome to This Week in Gambling, where the NCAA basketball tournament is well underway, and wow! Purdue: Gone! Virginia: Gone! Kansas and Arizona: Gone! It’s Madness, I tell you! Madness! This week’s big story finds several major upsets as we reach the Sweet 16. And whether or not that’s a good thing or a bad thing will depend on who you’ve been betting on… provided, of course, that you’re one of the 70 million Americans March Madness bets on this year’s Tournament.
More people will bet on this year’s NCAA basketball tournament than bet on this year’s Super Bowl. That according to our friends at the American Gaming Association. But while Super Bowl betting topped $16 billion, March Madness bets are only expected to generate around $15 billion. Now that betting on sports is legal in 36 states, we really shouldn’t be too surprised to see these sorts of numbers. After all, back in January we reported that 2022 was a record year for gambling all across the United States. And that thanks in large part to the expansion of sports betting.
That growth shows no signs of slowing down in 2023… at least not yet. In fact, the state of New Jersey just had an amazing month of gambling revenue, bringing in $55 million, thanks in large part to the expansion of sports betting, which was up nearly 80% from the year before. Of course, not to be left out, Las Vegas and Nevada gambling just reported their 23rd consecutive month of bringing in more than a billion dollars in revenue. Thanks in large part too… slot machines? Eh. What are you gonna do? Some things never change.
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