Jimmy Boyd in 
It is nearly impossible to determine the total amount actually wagered on the NCAA Tournament.
Not only do you have to track the legal wagering in Nevada and other states where sports betting is now legal, but you can’t forget the illegal wagering online, through bookies, and with friends.
On top of that, there are millions (if not billions) of dollars wagered with office pools and other bracket contests by people who normally don’t even know how to bet on NCAA basketball.
Total Money Bet in Las Vegas Sportsbooks & Profit During March Madness
Vegas Numbers Since 2004 (Estimates)
| YEAR | AMT WAGERED | BOOK W/L | RETURN |
|---|---|---|---|
| 2023 | $458,189,114.78 | $28,746,823.00 | 6.27% |
| 2022 | $387,176,056.34 | $27,489,500.00 | 7.10% |
| 2021 | $378,512,048.19 | $31,415,500.00 | 8.30% |
| 2020 | No Tournament | — | — |
| 2019 | $351,808,012.49 | $33,808,750.00 | 9.61% |
| 2018 | $337,788,235.29 | $17,227,200.00 | 5.10% |
| 2017 | $300,225,806.45 | $22,336,800.00 | 7.44% |
| 2016 | $274,831,858.41 | $15,528,000.00 | 5.65% |
| 2015 | $259,426,847.66 | $17,200,000.00 | 6.63% |
| 2014 | $230,928,281.46 | $17,065,600.00 | 7.39% |
| 2013 | $205,224,043.72 | $15,022,400.00 | 7.32% |
| 2012 | $211,248,677.25 | $15,970,400.00 | 7.56% |
| 2011 | $205,224,043.72 | $15,022,400.00 | 7.32% |
| 2010 | $211,248,677.25 | $15,970,400.00 | 7.56% |
| 2009 | $174,793,893.13 | $9,159,200.00 | 5.24% |
| 2008 | $191,171,631.21 | $13,477,600.00 | 7.05% |
| 2007 | $182,615,803.81 | $13,404,000.00 | 7.34% |
| 2006 | $156,422,264.88 | $16,299,200.00 | 10.42% |
| 2005 | $136,707,368.42 | $12,987,200.00 | 9.50% |
| 2004 | $122,313,375.80 | $9,601,600.00 | 7.85% |
| SEGMENT | AMT WAGERED | BOOK W/L | RETURN |
|---|---|---|---|
| Avg. (Since 2004) | $251,360,844.22 | $18,301,714.37 | 7.28% |
| Last 5 Years | $315,137,046.36 | $24,292,114.60 | 7.71% |
The amount of legal action taken at sportsbooks during the tournament has ranged from $120 million to nearly $460 million.
For comparison, there were roughly $179 million in Super Bowl bets this past year.
Keep in mind the Super Bowl is one event, while the college basketball tournament includes every game played over an entire month.
Look at How Much is Wagered on the NCAA Tournament Outside of Sin City
A study conducted by the American Gaming Association (AGA) estimates that Americans will legally wager approximately $3.1 billion on the NCAA basketball tournament this year.
The AGA also estimates that only around 3% ($295 million) of wagers are placed legally, with the remaining 97% ($10.1 billion) coming from offshore books and local bookies.
Outside of Las Vegas, informal bracket pools and office contests contribute significantly to the total amount wagered. The full extent of these contests is difficult to track, but it is estimated that millions of dollars exchange hands through these private betting pools.
The Big Dance also has a negative impact on U.S. workplace productivity. Based on a report by Challenger, Gray & Christmas, if the roughly 50 million people who fill out a bracket spend one hour of work time on it, the result is a staggering $1.2 billion in lost productivity.
Most of the money is bet on the spreads of the games. There will be a small amount on money lines and totals, but fans love to throw down on their team to win the tournament. However, if you look at the seed history, not many teams worse than a 3-seed have cut down the nets.
