BetMGM and Caesars See Rise in March Madness Bets

BetMGM Sportsbook and Caesars Sportsbook recorded high betting activity in the men’s NCAA Tournament and the women’s field, despite various upsets during the season.

The Two Operators Recorded Increase in Betting Activity

BetMGM saw an 18% boost on the men’s side, driven by a rare scenario where all four No. 1 seeds reached the Final Four for the first time since 2008. This set the stage for three thrilling games on Saturday and Monday, capped by Florida’s nail-biting 65-63 win over Houston, securing the Gators’ third national title. They previously went back-to-back in 2006 and 2007.

Many fans backed the Gators, who ranked second behind Duke at BetMGM in both total money wagered and number of bets placed. The Blue Devils, much like Houston in the championship, squandered a double-digit lead in the semifinals and were edged out by the Cougars, 70-67. BetMGM trading manager Seamus Magee explained that Duke losing was key, as 30 of the 50 largest futures wagers on the champion were on that team. He also said that since Florida had the second-highest handle, a lot of fans were happy to see the Gators perform well.

Caesars Sportsbook also reported good traffic, with basketball head Rich Zanco calling betting “robust.” He noted that the advancement of all No. 1 seeds to the Final Four played a significant role in boosting interest, with compelling matchups featured throughout the tournament. One notable example was the clash between Rick Pitino’s St. John’s and John Calipari’s Arkansas Razorbacks. While the tournament lacked the dramatic upsets seen in previous years, Zanco remarked that “sometimes the cream rises to the top.”

Women’s Basketball Also Saw More Betting

The women’s side of the recent basketball betting scene also saw a rise in activity, although not as much as the men’s side. BetMGM saw a 10% increase, with the highest percentage of tickets being on the Huskies. The team was also the second one in terms of the money bet.

The Huskies were spearheaded by standout Paige Bueckers, who, alongside Southern California’s JuJu Watkins, emerged as one of the leading faces of women’s college basketball this season. They followed in the footsteps of Caitlin Clark and Angel Reese, both of whom have transitioned to starring roles in the WNBA.

BetMGM sports trader Hannah Luther said that the season demonstrated the enduring influence of Caitlin Clark on women’s college basketball, particularly in the realm of sports betting. Despite initial expectations that interest might wane following Clark’s move to the professional ranks, the opposite proved to be true, with engagement and betting activity continuing to rise.