Americans are expected to legally wager about $3.3 billion on this year’s NCAA Division I men’s and women’s basketball tournaments, said the American Gaming Association (AGA), highlighting growth in regulated sports betting markets.
The estimate is up from $3.1 billion projected last year and represents a 54% increase in wagering over the past three years, according to the industry trade group.
“March Madness is the highlight of the college basketball season, and fans are gearing up for a month of tournament action,” said Bill Miller, president and CEO of the AGA. “Fans continue to engage with legal, state- and tribal-regulated sports betting in record numbers during one of the biggest moments on the sports calendar.”
The NCAA tournaments, which span more than 100 men’s and women’s games over three weeks, have become one of the largest betting events on the U.S. sports calendar. The AGA estimate does not include prediction market trading, which could further increase total wagering activity.
The growth in betting has been driven by the continued expansion of legal state- and tribal-regulated sports betting markets and rising consumer confidence in regulated wagering options.
However, the AGA also raised concerns about the growing presence of prediction market platforms in sports betting advertising. Sensor Tower data compiled by the association showed that while digital ad impressions for online sportsbooks declined nearly 14% in 2025, advertising tied to prediction markets surged sharply.
Nearly one in five digital sports betting ads seen by consumers last year – about 15% – did not comply with state-mandated responsible gaming messaging because they came from prediction market platforms, the trade group said.
Kalshi emerged as a major advertiser in the space, becoming the third-largest sports betting advertiser by digital impressions in 2025. In the first two months of 2026, the platform became the most visible sports betting brand by digital ad impressions, with consumers exposed to its advertising about 5.2 billion times, compared with 2.9 billion impressions for FanDuel, the next most frequent sportsbook advertiser.
Overall sportsbook advertising activity has declined despite rising betting volumes, according to a study commissioned by the AGA. Total sports betting advertising spend fell 5% year-over-year, while ad volume across all channels declined 1% and remains 27% below its 2021 peak.
Television advertising has also dropped sharply, with sports betting TV ad volume falling 9% year-over-year and declining 50% since 2021.
Sports betting advertising accounts for a relatively small share of overall U.S. television advertising. In 2025, it represented about 0.9% of total TV advertising spend, compared with 1.5% for alcohol advertising.
By ad volume, sports betting represented 0.3% of TV advertising, compared with 0.6% for alcohol and 13.9% for pharmaceuticals. For every sports betting commercial aired on television in 2025, 39 pharmaceutical advertisements were broadcast.
“Confidence in your wager – and in the integrity of the games – starts with a fair and compliant betting market,” Miller said. “That’s why it’s so important that everyone offering sports bets in the U.S. comply with state and tribal regulations, ensuring that consumers are protected.”
Concurrently, the expansion of legal sports betting markets has continued to support wagering growth. Missouri, which launched legal online and retail sports betting in December as the 31st U.S. state to offer mobile sportsbooks, generated nearly $920 million in wagers in its first two months.
Prediction markets are also expected to play a larger role in this year’s tournaments, with platforms offering markets similar to traditional sportsbook products, including moneyline-type contracts, spreads, totals, parlays, and proposition-style wagers.
Original article: https://www.yogonet.com/international/news/2026/03/16/118076-americans-expected-to-legally-wager-33-billion-on-march-madness-aga-says
