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March Madness: Its ranking among most wagered-on competitions in American sports

March 21, 2023 | Number of The Day

The run by the Saint Peter’s University men’s basketball in last year’s NCAA men’s basketball tournament certainly fueled so-called March Madness in New Jersey. Saint Peter’s Peacocks of Jersey City got as far as the Elite 8, the best a 15th seed had ever achieved. This year, the Fairleigh Dickinson University team pulled off the upset of the tournament by beating Purdue 63-58 on Friday night to become only the second 16th seed to defeat a No. 1 seed. Alas, the FDU Knights came up short against Florida Atlantic University in the Round of 32.

On the women’s side of March Madness, Monmouth University’s Hawks competed in the play-in round of the tournament, the team’s first appearance in the tournament in 40 years. Though beaten by Tennessee Tech, the Hawks can reflect on a winning season — four victories in four days to top the Colonial Athletic Association Tournament.

March Madness New-Jersey style still has a way to go. The Princeton men’s basketball team is another surprise in the tournament. The Princeton Tigers hadn’t won an NCAA game in 25 years before shocking No. 2 seed Arizona on Thursday in the Round of 64 and then Missouri on Saturday to advance to the Sweet Sixteen. Fifteenth seed Princeton will next play sixth seed Creighton on Friday.

According to Bill Miller, president and CEO of the American Gaming Association, “March Madness … is America’s most wagered-on competition.” A new AGA survey says a quarter of all American adults (68 million) planned to wager $15.5 billion on this year’s NCAA men’s basketball tournament. Thirty-one million were planning to place their wagers online, at a retail sportsbook or with a bookie; another 21.5 million said they were going to make casual bets with their friends; and 56.3 million planned to participate in a bracket contest. Betting on in-state college teams is not legal in New Jersey, of course, nor in some other states.

The survey said Kentucky was the most popular choice to win the national title (9%), followed by Texas A&M (8%), then Gonzaga, UCLA and Alabama (all 6%) — which goes to show why wagering is a blood sport by any other name. Kentucky’s out of the competition, Gonzaga and UCLA will play each other on March 23, and Alabama — who beat Texas A&M — is the only team among the fan favorites to advance with seeming ease.