The highly-anticipated March Madness is all set to start next week, and according to the American Gaming Association, the college basketball tournaments are predicted to draw an expected $3.1 billion in legal and regulated bets. However, the AGA also stated that more money will be wagered illegally in unlicensed sports betting sites.

The highly anticipated 2025 March Madness men's and women's college basketball tournaments tip off next week, with an expected surge in betting activity. According to projections from the American Gaming Association, legal wagers on this year's tournament are set to reach an estimated $3.1 billion, reflecting a significant increase in the popularity of regulated sports betting.

While the departure of superstar Caitlin Clark means the women's tournament may not see the same heightened interest as last year, the AGA has predicted that legal sportsbooks will take in approximately $400 million more than in 2024. The projected total for March Madness betting is also more than double the estimated $1.4 billion wagered on the Super Bowl last month.

Despite the surge in legal sports betting, the number of states permitting it remains unchanged from last year. As of March of 2025, sports betting is legal in 38 states plus Washington, DC. And although Missouri voters approved sports wagering in November, the state has yet to launch its regulated sports betting market.

The AGA attributes the continued rise in legal wagering to the public's growing confidence in regulated sportsbooks. "March Madness is one of the most exciting times in American sports, with fans fired up for both the men's and women's NCAA tournaments," stated AGA's senior vice president of strategic communications, Jay Maloney. "As legal wagering expands across the US, more fans than ever have the opportunity to bet legally and responsibly."

Unregulated betting to surpass legal wagers

While legal betting is projected to hit record levels, local bookies and offshore sportsbooks are expected to handle billions more in unregulated wagers. The AGA no longer releases exact estimates on illegal betting, but in 2023, it projected that unlawful bets exceeded $12 billion.

Additionally, millions of dollars will be staked in office pools and friendly bracket challenges, reinforcing March Madness as a peak event for sports betting, both legally and illegally.

Duke leads the pack as tournament favorite

With Selection Sunday set for 6pm EST, anticipation is building over which teams will make deep tournament runs. Currently, top-ranked Duke remains the betting favorite to claim the men's national championship, with BetMGM giving the Blue Devils +320 odds (an implied 23.8% probability) to win their sixth title - and their first in a decade. Auburn follows closely behind at +350, while Florida (+600), and Houston (+800) as well as Alabama (+1200) round out the top five contenders. Defending champion UConn is listed as a long shot at +6000.

On the women's portion, South Carolina is the frontrunner to defend its title, with odds set at +260. Connecticut, bolstered by the return of two-time All-American Paige Bueckers and the addition of top recruit Sarah Strong, follows at +280. Notre Dame, UCLA, and USC each have +550 odds, making them strong contenders as well.

AGA urges responsible betting

With betting activity set to reach unprecedented levels, the AGA reminds gamblers to engage in responsible sports betting. The organization's 'Have A Game Plan' initiative encourages players to set and adhere to a budget, approach wagering as entertainment, understand the odds and risks, and use only licensed and regulated sportsbooks.

A key principle added to the program in December - 'Keep Your Cool' - emphasizes the responsibility of bettors to refrain from harassing players, referees, coaches, or others involved in the games. "The result of a bet - win or lose - is not an invitation to criticize... online or in person," the AGA stated in its latest advisory.

As March Madness unfolds, millions of fans will be placing their bets and filling out their brackets. Whether through legal channels or underground means, the tournament is set to be one of the biggest betting events of the year.