They are Number 1: Gonzaga enters March Madness as the main seed – but does the smart money promise them a win?
(Photo by Ethan Miller / Getty Images)
With online gambling now legal in 25 states, the 2021 NCAA tournament will be a slam dunk for gaming sites – and the friendly office pool may never go back.
B.ob, a 34-year-old Illinois player who works in logistics, has bet in his March Madness office for the past five years. With about 75 co-workers and a $ 25 purchase, the pot will be just under $ 2,000 for this year’s NCAA men’s basketball tournament – but it doesn’t fill a bracket.
For retailers, the office pool has lost its luster. “He ‘s tired – I’d rather gamble in other ways,” said Bob, who did not want to give him a last name. “For Betty Sue, who runs the front desk, would she like the office branch? In fact, she does; she’s not a gambler. ”
March Madness is always a big activity for Bob, who claims to be releasing about 25% of his $ 20,000 annual bankroll during the long, three-week, college basketball tournament one-off, seven-round. This year, it is betting on mobile betting services like DraftKings and Barstool Sports. Bob also bets with his go-to-bookie, a long-term relationship that he has decided to maintain despite having access to legal options.
He is not alone. According to a study published by the American Gaming Association this week, the number of Americans – 36.7 million – filling braces is down 8% compared to the last NCAA Tournament in 2019. ( March Madness postponed in 2020 due to the Covid- 19 revolution.) An estimated 31 million Americans are betting more traditionally on this year’s competition, up from nearly 18 million in 2019.
“Hooks will bring in about $ 2 million,” Johnny Avello told DraftKing. “I can’t tell you what March Madness will bring, but it will be much bigger.”
Bill Miller, president and CEO of the Gaming Association of America says that the number of people betting online is up more than 200% since 2019. Around 18 million people will bet online while betting 8 million bets in person at a sports book. Miller says the huge rise in online betting is thanks to the fact that 13 new legal sports betting markets have opened up from the 2019 tournament, bringing the number to 25 states (and Washington , DC) which has legalized sports betting, with 21 markets operating. According to the population, 45% of American adults now live in a state with a legal sports commitment.
“We’ve seen a huge increase in legal sports betting,” Miller said. “States have recognized the promise of sport since it was introduced.”
“Migrating from the illegal market to the legal market,” he continues, “and there is a great deal of excitement and demand for March Madness and the opportunity for people to bet legally and safely. ever better. ”
While the number of Americans betting this year – 47 million – is expected to remain flat from 2019, wagers are expected to break the 2019 record of $ 8.5 billion.
Circle dream: The crowd at Wesgate casino in Nevada may not be back to 2019 levels, but the handling is higher thanks to mobile gambling.
Credit: GDP / MediaPunch / IPX images
A.t DraftKings, with the proliferation of online sports games that made cofounder company and CEO Jason Robins a billionaire earlier this year. DraftKings, founded in 2012, has been in tears since the company went public through a backward merger in April last year – its stock price has jumped 260%. The company recently reported $ 322 million in revenue, a 146% increase from $ 131 million a year earlier, and also reported that monthly users have increased 500,000 to 1.5,000 million from the previous quarter.
March Madness should only add to the winning streak.
“This is the biggest ever,” says Johnny Avello, head of racing and sports book DraftKings. “We lost the competition last year. We saw intense action when we put the lines up Sunday. But don’t forget that we lost the competition last year, the growth from 2019 to 2021 in sports across the US has skyrocketed. There are more customers, more states on board, and more offers. “
To keep up with tradition, DraftKings offers brackets. Approximately 20,000 people will pay $ 100 to enter and the winner will receive $ 1 million. DraftKings also hosts free-to-play survival pools in all states, including jurisdictions where sports betting is not legal, with a first prize of $ 1 million.
But Avello says these tournaments are peanuts compared to more traditional betting, player offer betting, and in-game wagering. “Hooks will cost around $ 2 million. I can’t tell you what March Madness will bring, but it will be much bigger, ”says Avello. “This is the biggest event of the year, bigger than the Super Bowl.”
John Murray, director of the Westgate sports book in Las Vegas, is equally optimistic. He says all the signs indicate that sports betting, and March Madness, has gone back to life this year.
“We set a handling schedule in January and February – the highest hands we’ve ever had twice this year,” said Murray. “I see no reason why we should not have a big March Madness. ”
Murray says the spike in business is due to a moving bet. About 80% of Westgate’s business from wagers is made on a smartphone. ‘The mobile phone is the answer,’ said Murray.
The population at Westgate is not back to pre-pandemic levels, largely due to Covid-related capacity constraints, but the size of the sports book has exceeded 2019. “Handling, we has already exceeded pre-pandemic levels, ”said Murray. . “We’re already there – I’m sure this weekend will be a big one.”
Miller of the American Gaming Association also sees the reversal in the number of people betting on sports as a lucky sign. “I think March Madness is an important sign that the post-pandemic world is returning to a good place,” he says. “March Madness, the opening of spring training in baseball, Opening Day around the corner, are signs that the American economy and psyche are moving forward. March Madness is a sign that life is returning to normal. ”