Massachusetts Sports Betting Launches, March Madness Coming Up, Big Revenue Predictions For Both

41% of People Expected To Bet In Massachusetts

Massachusetts online sports betting is officially up and running in the state, with six sportsbooks licensed. While opening weekend numbers haven’t been released, there are high expectations for its performance.

According to a survey released in January, 41% (roughly 2.2 million) of eligible Massachusetts adults were “likely” or “very likely” to place legal sports bets upon launch in the state. 37% of respondents to the survey said they would bet on sports “at least weekly.”

In late February, a handle prediction was reported for the state. Massachusetts is expected to produce a $5.3 billion handle in its first year. They used Arizona as a measuring stick, whose adult population is of similar size, and who, like Massachusetts, also has access to the big four professional sports leagues.

With sports betting launching in time for March Madness, the Massachusetts market is poised to perform well in its first month. The report expects that the state could see over $200 million wagers in the month of March.

The AGA Expects Big Numbers For March Madness

The American Gaming Association (AGA) recently announced their U.S. wagering predictions for March Madness. It found that a quarter of all American adults (68 million) plan to wager somewhere north of $15 billion on the tournament. This is roughly five times what the organization predicted for the 2022 March Madness tournament.

This time last year, the AGA predicted that 45 million Americans would wager around $3.1 billion on March Madness. Since then, Kansas, Massachusetts, Maryland, and Ohio have all launched sports betting.

“March Madness is one of the best traditions in American sports—and America’s most wagered-on competition,” said AGA President and CEO Bill Miller. “Critically, the expansion of regulated sports betting over the past five years has brought safeguards to more than half of American adults who can now bet legally in their home market.”

The AGA is predicting 18 million more people to wager on March Madness than the Super Bowl in February. Some of this is due to the Massachusetts launch, and the growth of the industry in general, and some is due to the popularity of casual betting (such as brackets) during the tournament.

March Madness Betting Preview

With Selection Sunday last weekend, the stage is finally set for college basketball’s biggest moment. Among bettors, AGA reported that Kentucky to win the championship game is the most popular choice (9%), followed by Texas A&M (8%), and Gonzaga, UCLA and Alabama (6%).

The four No. 1-seeded teams are: Alabama, Purdue, Kansas and Houston. At most major sportsbooks, Houston is the leading favorite to cut down the nets.

The schedule for the tournament is as follows:

• First Four: March 14-15
• First round: March 16-17
• Second round: March 18-19
• Sweet 16: March 23-24
• Elite Eight: March 25-26
• Final Four: April 1
• Championship: April 3