March Madness Betting Surge Boosts State Revenues, Sparks Concerns

As legal sports betting on March Madness reaches new highs, states see significant financial benefits, but concerns over gambling addiction rise.

Legal sports betting on March Madness is expected to break records in 2024, with Americans placing an estimated $2.7 billion in legal bets.
38 states now allow some form of sports gambling, contributing to increased state revenues but also raising concerns about gambling addiction.
Sports betting has become a major source of revenue for states, with governments collecting about $2 billion a year from it.
Proposals to mitigate the negative impacts of gambling include banning credit card use for online betting and requiring cash deposits for online gambling accounts.
Betting on the women's NCAA tournament has increased significantly, over 12 times higher than the previous year.