David Forman, AGA: “March Madness is the biggest betting event of the year in the United States”
David Forman, VP of research at the American Gaming Association spoke to Focus Gaming News about March Madness and why this year’s edition could see a record increase in betting.
Exclusive interview.- The American Gaming Association (AGA) has estimated that US gamblers will legally wager $3.1bn on the March Madness 2025 men’s and women’s college basketball tournaments.
To learn more about this event – its significance, its growth over the years and the role of technology alongside the increasing number of states legalising sports betting in its expansion – Focus Gaming News spoke to David Forman, VP of Research at the American Gaming Association.
Before we get into the numbers, can you explain what March Madness is and why it is so important?
March Madness is, without a doubt, the biggest betting event of the year in the United States. It’s not just one event, but more than 100 games played over almost a month across both the men’s and women’s tournaments.
If we consider it as a single event, it’s by far the largest betting event in the country. One of the reasons for its popularity is that, even before sports betting was legalised in nearly 40 states, March Madness already had a huge casual betting component—primarily through brackets that people have been doing with friends, colleagues, or in various groups for decades.
Even if they weren’t placing significant bets—perhaps just $5 or $10—it has long been a cultural moment for betting. Now that sports betting is legal, it’s no surprise that March Madness has grown into the biggest betting event of the year in the US.
“Now that sports betting is legal, it’s no surprise that March Madness has grown into the biggest betting event of the year.”
David Forman, VP of research at the American Gaming Association
The AGA estimates that bettors will legally wager $3.1bn on March Madness this year, an increase from $2.7bn in 2024. What do you think are the main factors driving this growth?
A few factors are at play. Firstly, new markets are opening up—places like North Carolina and Vermont, where people previously didn’t have access to legal betting.
Secondly, as the market matures, more people are discovering legal sports betting. Some are transitioning from illegal operators to legal ones, contributing to the growth.
Additionally, this year’s tournament is particularly competitive, which increases interest. Just as we’ve seen steady growth in sports betting overall, I believe we’ll see a similar trend in March Madness betting this year.
Are there any particular demographics or betting behaviours that stand out in this year’s projections?
This year, unlike in previous years, we haven’t conducted a survey to gather demographic data on who is betting. However, one interesting trend we noticed while compiling our estimates is the significant increase in basketball betting volume during March.
In February, basketball accounted for about 38 per cent of the total betting handle in the US. That jumps by 10 percentage points to 48 per cent in March, once the tournaments begin.
March Madness undoubtedly drives a notable spike in basketball betting. We see participation across different demographics, from younger adults betting on their alma maters to older alumni and general fans supporting regional or local teams. Almost everyone lives near a university participating in one of the tournaments, which helps sustain interest.
With more Americans legally betting on March Madness, how is the AGA reinforcing responsible gaming practices? We know that the AGA campaign “Have A Game Plan. Bet Responsibly” campaign is getting more visibility this month…
That’s right. We launched the Have A Game Plan responsible betting campaign a few years ago with four key pillars to help bettors engage responsibly:
- Set a Budget: Establish and stick to a financial limit.
- Keep It Social: Bet responsibly as part of a shared activity.
- Know the Odds: Know the terminology and understand risks before placing bets.
- Play Legally: Use regulated, legal betting platforms.
Earlier this month, we introduced a fifth pillar: Keep your cool. This is to remind people that betting is meant to be entertainment. It’s never acceptable to harass athletes, especially college athletes, on social media over a lost bet.
These are young students playing a sport. They are not responsible for anyone’s wagers. The same applies to professional athletes—no one should be reaching out to them over bets. If someone feels the urge to do so, they probably shouldn’t be betting in the first place.
You’ve just mentioned the “Keep Your Cool” principle. Could you elaborate on the importance of this addition and its impact on bettor behaviour?
Absolutely. For many, sports betting is a new activity—especially for younger bettors.
Older bettors who have placed wagers with offshore sites or bookies for years generally understand the nature of sports betting and how it works. But younger people, who grew up with social media, may have a different perspective. They are accustomed to interacting with people directly online, and we need to reinforce the importance of separating betting from personal interactions with athletes.
It’s crucial to remind them that social media and sports betting should not overlap in ways that lead to harassment. Younger bettors must understand that sending messages to athletes over the outcome of a game is completely inappropriate.
“We need to reinforce the importance of separating betting from personal interactions with athletes.”
David Forman, VP of research at the American Gaming Association
Beyond the overall wagering numbers, are there any trends in how people are betting on March Madness this year compared to previous years?
Similar to what we observed with the Super Bowl, as the market expands to nearly 40 states, we’ve shifted our focus from casual betting trends to the size of the legal market.
One interesting trend is that, while March Madness still brings a significant spike in basketball betting, its overall share of the national betting handle has been gradually decreasing year on year. This suggests that, in the early years of legalisation, many new bettors engaged with the market primarily during March Madness. Now, as they become more familiar with sports betting, they’re branching out.
People are still heavily betting on basketball in March, but they’re also exploring other sports like NBA games, hockey, or even the early baseball season. March Madness might be the gateway event, but once bettors get into sports betting, they realise they can engage all year round.
Nowadays, most people bet via mobile apps, live betting platforms, and online bookmakers. How do you see technology shaping how fans engage with March Madness?
Well, technology is always changing and evolving. Every year new betting opportunities appear. For example, I think it is now possible to bet on a buzzer-beater (a successful shot that leaves zero seconds on the game clock) or on events that happen at the end of a game.
I think technology plays an important role in all of this and as it develops there will be more and more opportunities for operators to integrate into their platforms. It’s interesting and it’s something we’re already seeing in the industry.
