Sports Betting Expansion Drives Wagers on 2025 NCAA March Madness Tournament

The 2025 NCAA Division I men's basketball tournament, known as March Madness, has drawn widespread attention across the United States as legal sports betting continues to expand. The single-elimination event features 68 teams, including four play-in games, culminating in the Final Four on April 5 and championship on April 7 in San Antonio, Texas.[1][2]

Following the U.S. Supreme Court's 2018 ruling striking down the Professional and Amateur Sports Protection Act, sports wagering is now legal in 38 states plus the District of Columbia and several other jurisdictions. The American Gaming Association estimated legal wagers on the 2024 tournament at $3.76 billion, second only to Super Bowl betting volumes.[3]

Historical trends show lower seeds providing betting value through upsets. In first-round matchups through the 2023 tournament, No. 11 seeds hold a 30-62 record (.326) against No. 6 seeds, while No. 12 seeds are 14-118 (.106) against No. 5 seeds.[4]

Johnny Avello, DraftKings director of race and sportsbook operations, noted recent trends in lower-seed performances, including No. 11 seeds near .500 in the first round since 2006 (37-39) and No. 9 seeds at 22-14 against No. 8 seeds over the last nine tournaments through 2024.[5]

Second-round action included a matchup between the New Mexico Lobos and Michigan State Spartans at Rocket Mortgage FieldHouse in Cleveland, Ohio, on March 23, 2025.[1]