Press Releases
PlayUSA.com: NCAA Tournament likely the first $1 billion event
The 2021 NCAA Men’s Basketball Tournament will almost certainly be the first sporting event in U.S. history to draw more than $1 billion in legal wagering and could approach $1.5 billion, according to projections from PlayUSA, the leading source for news, analysis, and research related to the market for regulated online gaming in the United States. But without data from last year following the cancellation of the 2020 NCAA Tournament, and a regulated sports betting landscape that has radically changed from 2019, predicting precisely just how much in wagering March Madness will generate is nearly impossible, PlayUSA cautions.
“The 2021 NCAA Tournament will be the most widely bet-on sporting event in U.S. history,” said Eric Ramsey, analyst for PlayUSA.com. “The popularity of the NCAA Tournament combined with such a high number of games typically makes March Madness the largest sports betting holiday each year in terms of handle, and there is no reason to suspect that won’t be the case this year. But the number of legal sports betting markets has more than tripled since 2019 and we are still in the midst of a pandemic that could slow retail sportsbooks. Those reasons alone make this year difficult to predict.”
The last time the NCAA Tournament was played in 2019, bettors in seven states could place a wager legally. Those seven states, which includes today’s three largest markets, New Jersey, Nevada, and Pennsylvania, as well as Delaware, Mississippi, Rhode Island, and West Virginia, managed to generate an estimated $440 million in bets, or about 40% of the nation’s overall handle in March, according to PlayUSA.
Now with 20 states and Washington D.C. offering some form of legal sports betting, the U.S. landscape has shifted dramatically. That includes most of the nation’s largest markets behind the Top 3, including Illinois, Indiana, Colorado, Tennessee, and Michigan. And Pennsylvania, now the nation’s third-largest market, launched online sports betting after the 2019 tournament.
Today, an adult population of about 86 million can now bet legally in their home states. In 2019, about 26 million adults enjoyed access to legal sportsbooks in their home states.
“The Super Bowl draws the most bets for a single game, but March Madness and its 60+ games should more than double what the Super Bowl draws,” said Dustin Gouker, lead analyst for PlayUSA.com. “But the dramatic expansion of legal markets, as well as the exponential growth within each market, means more people will have an opportunity to bet on the NCAA Tournament than ever before. And that will produce an eye-popping handle number that could reach $1.5 billion.”
2021 also brings multiple factors that will be unique to this year’s tournament. For one, pandemic-related restrictions are still in place in some legal jurisdictions, and most bettors may still be hesitant to make a bet indoors. That could have a significant effect on event-driven markets like Nevada, which relies on retail betting far more than in most of its largest rivals. New Jersey, for instance, accepts about 90% of its bets online, and PlayUSA projects that the Garden State could draw more than $300 million in NCAA Tournament bets this year, more than any other state.
In addition, for the first time in history every game of the NCAA Tournament will be played in a legal sports jurisdiction. With so many games being played locally, that jurisdiction, Indiana, has the potential to far outperform what would normally be expected of the nation’s fifth-largest U.S. sports betting market.
“With so many variables at play, this will be a fascinating NCAA Tournament to watch,” Ramsey said. “We know that the tournament will draw heavy action. But it won’t look like any NCAA Tournament that we have ever seen.”
For more information on NCAA Tournament betting, visit www.playusa.com/march-madness-betting/.
Latest News
THE UNIT TO STEP UP EXPANSION PLANS WITH OPENING OF NEW YORK CITY OFFICE
The Unit aims to grow its presence in the Americas with move to new Manhattan location in January 2025 at Bank of Ireland’s NYC Hub
The Unit, a leader in product design and development for sports betting and iGaming, will proudly open its new office in New York City, as part of its long-term global expansion objectives, in January 2025.
The Americas division was established in 2023 with the launch of The Unit’s partnership with online operator PlayStar Casino. The New York City office, located in the heart of Manhattan, will now be the hub for The Unit’s activity in the Americas.
This new base will be located at Bank of Ireland’s NYC Hub, which was launched to help Irish business owners expand their North American operations. The offices at 2 Grand Central Tower are a great asset to Irish companies aiming to expand their operations in the United States and beyond. This is an ideal location for The Unit to grow its footprint in the region.
The project will be put into practice by The Unit’s Head of Business Development & Account Management Mark O’Hare, who has relocated to New York and will be responsible for The Unit’s commercial growth in the region.
With product and development teams in Ireland and Moldova, the addition of an American hub is further proof The Unit holds an unwavering commitment to becoming the partner of choice, on a global scale, throughout the industry.
Paddy Casey, Co-founder at The Unit, said: “These are exciting times for The Unit, and with plans in place to exponentially grow our presence in the Americas across the next few years, the start of 2025 will be the perfect time for us to move into one of the most vibrant cities in the world.
“This will be the ideal addition to our existing bases in Ireland and Moldova. The flexible workspace the hub can provide will be integral to our plans and will give us the opportunity to grow the team.
“This is an excellent opportunity for us to touch base with clients in the Americas and strategise further launches. We’re looking forward to mapping out our future in the region with our team on the ground there.
“I would like to thank Mark O’Hare for making the move to New York, and I’m sure both he and his team will have the skills and experience to execute our vision for the Americas division across the long-term.”
Tania Sheikh, Manager of NYC Hub for Bank of Ireland, said: “We are very pleased to welcome The Unit to the NYC Hub. The facilities we can provide have helped businesses scale up and connect with their partners, and we are proud to offer that opportunity to The Unit.
“We look forward to hosting The Unit and wish them well in their endeavors to grow their business here.”
The Unit has solidified its strong track record of building world-class, scalable and efficient products for the sports betting and iGaming sector in recent years.
As The Unit embarks on this exciting period of growth, the company remains committed to delivering exceptional products and services to its clients. With its experienced team, best-in-class product development capabilities, and focus on innovation, The Unit is poised to shape the future of the sports betting and iGaming industries.
Latest News
Golden Matrix Group to Participate in the 2025 ICR Conference
Golden Matrix Group Inc., a developer and licensor of online gaming platforms, systems, and gaming content, today announced that management will participate in the 2025 ICR Conference on January 13-15, 2025 at the Grande Lakes Resort in Orlando, FL.
Zoran Milosevic, Chief Executive Officer of Meridianbet, will participate in a fireside chat with an equity research analyst on Monday, January 13, 2025, at 2:30 PM ET and will also be available for meetings during the conference.
Canada
Be #GiftSmart: Scratch the Idea of Gifting Scratch & Win Tickets to Kids
BCLC reminds adults to gift responsibly this holiday season
With the holiday season in full swing, BCLC is reminding British Columbians to gift responsibly and scratch lottery products from their shopping lists for kids.
“Scratch & Win tickets can make great stocking stuffers for the adults in your life, but they’re not for kids,” said Ryan McCarthy, BCLC’s Director of Player Health. “The research shows that children who have early encounters with gambling are four times more likely to develop riskier gambling behaviour as they grow up. While people are out shopping for those last-minute gifts, BCLC wants adults to be aware of the potential risks associated with gifting lottery products to children and to consider safer alternatives.”
While Scratch & Win tickets are among the most common ways kids can be introduced to gambling, children are increasingly exposed to various online forms, such as gambling streams.
“With the convergence of gaming and gambling, youth are becoming more exposed to gambling content in online spaces like streaming sites, where creators are able to live-stream their own gambling, usually while playing online slots and instant games,” said Dr. Luke Clark, Director for Gambling Research at UBC. “Our research at the UBC Centre for Gambling shows that a higher frequency of watching online gambling streams is associated with a more positive attitude towards gambling and a high intention to gamble in the future.”
In B.C., it is illegal to sell lottery products to anyone under the age of 19 and BCLC encourages adults to have conversations with the kids in their lives about the risks associated with gambling.
“Open and honest conversations are crucial when it comes to navigating childhood exposure to gambling,” said McCarthy, who shared the following tips to adults:
- Monitor for gambling-related lifestyle changes. For example, developing a positive attitude towards gambling or a preoccupation with video games or streaming sites.
- Be a positive role model. Exhibit safer gambling behaviour and talk about the risks.
- Limit exposure. Monitor kids’ online activities and discourage engagement with gambling content. Explain how gambling is based on chance.
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