The NCAA men’s and women’s basketball tournament brackets were unveiled Sunday, kicking off one of the biggest sports betting extravaganzas of the year.
The American Gaming Association estimates that $3.1 billion will be bet legally in the U.S. during March Madness.
“March Madness represents the pinnacle of excitement in the sports calendar,” Caesars Sportsbook college hoops trader Patrick Berbert said. “It offers an unparalleled atmosphere for placing bets on the games and reveling in the tournament.”
The two three-week tournaments will feature more than 130 games with hundreds of wagering markets offered on futures, sides, totals, player props (in some U.S. states), in-game betting, and plenty of promotions and enhancements.
“BetMGM projects this to be the most-bet tournament in our history with the sportsbook offering more markets than ever before,” BetMGM trading manager Seamus Magee said.
Gone are the days when Americans relied solely on playing an office bracket pool to participate in tournaments. Sports betting currently operates in 38 states.
“Each year, this event fosters a vibrant community where fans engage in lively discussions about players, coaches, unexpected outcomes, and thrilling last-second finishes,” Berbert said. “Our sportsbooks are ready to again welcome passionate sports fans who enjoy an added level of excitement, and our markets for wagering on the action on our mobile app have never been more expansive.”
Healthy hopes
The Duke Blue Devils are a popular pick to go far in March Madness brackets and potentially win the NCAA tournament, but a Player of the Year candidate has bettors and sportsbooks holding their breath.
Duke’s Cooper Flagg sprained his ankle during Thursday’s ACC tourney game, and his status for this week’s NCAA games is unknown by the favorite of +340 to cut down the nets at Caesars.
“Duke has been a popular team to wager on all year, whether it be in the futures market or on a game-to-game basis,” Berbert said. “As the Blue Devils prepare for their first-round matchup against the winner of the American vs. Mount Saint Mary’s, we anticipate that betting activity on Duke will persist.
“Despite the absence of Cooper Flagg, Duke demonstrated their capabilities in the ACC Championship game against Louisville. Duke is expected to remain a strong favorite in their first-round matchup, with bettors likely to place their confidence in the team, regardless of Flagg's participation.”
Futures market
Currently at March Madness odds of +350 after earning the No. 1 seed in the East Region, Duke is getting 23% of the handle in the futures market at BetMGM and is the operator’s biggest liability.
The Blue Devils are currently tied at BetMGM as the favorite with Florida, the West Region’s No. 1 seed. The Gators are getting 15.4% of the handle, second behind Duke. South No. 1 seed Auburn has seen 8.2% of the money but 7% of the tickets, second behind Duke’s 13.5%.
Most bet (tickets) teams to win the NCAA Tournament at @BetMGM
— John Ewing (@johnewing) March 17, 2025
1. Duke 13.5% of bets
2. Auburn 7.0%
3. Michigan St 6.9%
4. Florida 6.4%
5. Houston 6.0%
6. Alabama 5.7%
7. St. John's 5.0%
8. Tennessee 4.4%
9. Kansas 4.0%
10. Iowa State 3.4% pic.twitter.com/13gZU1XCgX
Michigan State is getting 6.9% of the bets and 5.6% of the handle at BetMGM.
“Cooper Flagg’s health is a question mark, but we expect action to pour in on Duke if Flagg can play,” Magee said. “Along with Duke, Florida, and Michigan State are teams we don't want to cut down the nets.”
ESPN BET reported Monday morning that since the bracket was revealed, Duke has seen 18% of the bets and 40% of the handle. Florida is second with 23% of the tickets and 21% of the money, followed by Houston at 10% for both. With 9% of the bets and 7% of the handle, St. John’s is tied with Auburn.
Notable wagers
BetMGM is keeping a close eye on a few notable wagers. One bettor put down $100,000 on Florida at +900 to win the national title. St. John’s picked up a $2,000 wager with odds of +5,000.
A Missouri backer bet $1,000 in the national title market at +12,500 on a Tigers squad that faces an upset-minded Drake team in the first round. Earlier this year, a bettor got $400 down on Michigan State to win it all at +50,000.
ESPN BET reported that a customer placed a $28,125 wager on Duke to win the NCAA Tournament at +320 odds. The bet pays out $90,000.
Growing game
In the women’s bracket, South Carolina and Connecticut are Caesars’ co-favorites to win the tournament at +280. The Gamecocks are the defending champs and a No. 1 seed while the 31-3 Huskies are a No. 2 seed.
Last year brought unprecedented betting action for a women’s event, thanks to sensation Caitlin Clark and Iowa’s deep run in 2024.
“The growth of women's NCAA basketball in recent years has been truly exhilarating,” Berbert said. “This season, particularly, has been nothing short of spectacular, with (USC) fan-favorite JuJu Watkins consistently drawing significant attention. Additionally, star players such as Paige Bueckers from UConn and Hannah Hidalgo from Notre Dame are also expected to capture the interest of bettors during the tournament. Given the current level of success throughout the field, many teams have a chance to vie for the championship in 2025.”
“Fab 5” million
Fanatics Sportsbook is offering customers a unique way to play the NCAA tournament this year. The online sportsbook is teaming up with former Michigan legend and “Fab Five” member Jalen Rose for the “Embrace the Chaos” promotion.
Bettors who place a $20 parlay college basketball parlay during March Madness will win a share of the five million FanCash that Fanatics will hand out. The rewards can be used for team merchandise, collectibles, bonus bets, and more.
Customers can also enter a sweepstakes contest to join Rose in Texas for the National Championship Game by sending their parlays slips to Fanatics Sportsbook on social media.
It's officially March and the only way to survive the chaos of the tourney is to embrace it. We've got more than 5 Million ideas to help you do just that...#embracethechaos pic.twitter.com/gVNJyNA2fg
— Fanatics Sportsbook (@FanaticsBook) March 12, 2025
