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March Madness Bets Soar to Record $3.3 Billion
15 Mar
Summary
- Americans will wager $3.3 billion on NCAA tournaments in 2026.
- Wagers are up 54 percent over the last three years.
- Prediction markets are drawing $150 million in bets.
Americans are expected to wager a record $3.3 billion on the 2026 NCAA men's and women's basketball tournaments, a 54 percent increase over the last three years. This surge in legal sports betting nearly doubles the handle from February's Super Bowl. The American Gaming Association attributes this growth to increasing consumer confidence and the expanding landscape of prediction markets.
While the $3.3 billion figure does not include wagers on prediction markets, these platforms are making a notable impact. H2, a gaming data firm, forecasts that prediction markets like Kalshi and Polymarket will collectively draw approximately $150 million in bets for March Madness alone. These platforms operate as exchanges, offering futures contracts with fluctuating prices similar to betting odds.
Prediction markets, regulated by the federal Commodity Futures Trading Commission (CFTC) rather than state gaming commissions, are facing scrutiny. They have been criticized as a 'backdoor way' to legalize gambling without state-level safeguards. Despite cease-and-desist orders from some states, these markets have found allies in reform advocates and influential figures.
