Americans Expected to Spend Over $15 Billion on March Madness Betting

By | Bullscore 14 Mar, 2023

The NCAA Men’s Basketball Tournament, also known as March Madness, is not just a popular event for college basketball fans, but also for sports gamblers. With the recent legalization of sports betting in many states, more and more Americans are expected to place bets on the tournament. According to reports, over 68 million Americans are anticipated to participate in March Madness betting this year alone.

There are several options available for sports gamblers looking to place bets, with companies such as DraftKings, MGM Resorts, Caesars Entertainment, and Penn National Gaming being some of the most popular platforms. Despite macroeconomic concerns, it is projected that Americans will spend a combined $15.5 billion on the tournament this year, which is more than five times the amount spent in 2022.

While a considerable number of participants will make informal bets with friends, 31 million Americans will opt to use platforms, bookies, or retail sportsbooks to place their bets. This shift towards digital sports betting is expected to give casino stocks an advantage, particularly during earnings season.

Among the four platforms mentioned, MGM Resorts and Caesars Entertainment are considered Strong Buys, while DraftKings and Penn National are rated as Moderate Buys. DraftKings has the lowest potential for growth among the four, with an estimated 23.17% upside potential, while Caesars Entertainment has the highest potential for growth, with an average price target of $71.64, which is 56.62% above its current price.