Nevada could see over $440 million in sports betting handle with the 2022 March Madness approaching.
Sports betting handle is the total amount of money wagered by bettors at a sportsbook over a given period
It’s been projected that the revenues of sportsbooks will hit $25.6 million during the men’s National Collegiate Athletic Association (NCAA) tournament. Nevada has a 5.8% hold percentage, equating to around $1.7 million in tax revenue.
With this massive surge in betting activity due to the popular college basketball tournament, there is a projected handle of $1.103 billion for March.
Nevada Sportsbook Revenues
Sports betting in Nevada is very much a seasonal business. With key times to place bets during football and basketball seasons, the peak for betting activity is from September through to March. However, things seem to be heating up this year; with a considerable rise in betting popularity, we have seen all-time highs regarding Nevada handles. November 2021 was the first-ever month that saw $1.1 billion in total wagered, up from $609.4 million in the previous year.
March Madness is one of the most significant sources of revenue for sportsbooks in Nevada. There are many games during the NCAA tournament, and it generates even larger handles than the Super Bowl now. One clear example of this is that in 2019 March’s handle was around $597 million, but the following year when the event was canceled due to the pandemic, the handle was a mere $141.2 million.
What Is March Madness?
It’s a three-week-long college basketball tournament where 67 games are played. The format is a single-elimination structure that begins with 68 teams that compete in 7 rounds for a national championship title. A Selection Committee selects the teams (March 13, 6 pm ET), and the entire bracket is shared.
The first four games begin on March 15-16. This year’s hosts include Tulane University (Caesars Superdome), Rice University, University of Houston, Houston Baptist University, Texas Southern University (NRG Stadium), Arizona State University (State Farm Stadium), the University of Texas at San Antonio, University of the Incarnate Word (Alamodome), Horizon League, IUPUI (Lucas Oil Stadium).
Where is March Madness Being Played?
The tournament is being held across state university campus locations across the United States. Here is the complete information on where the 2022 March Madness Tournament will be played:
| Round | Date | Location and Venue |
|---|---|---|
| Selection Sunday | March 13 | N/A |
| First Four | March 15-16 | Dayton, Ohio – UD Arena |
| First/Second | March 17-19 | Buffalo, New York – KeyBank Centre |
| First/Second | March 17-19 | Indianapolis, Indiana – Gainbridge Fieldhouse |
| First/Second | March 17-19 | Fort Worth, Texas – Dickies Arena |
| First/Second | March 17-19 | Portland, Oregon – Moda Center |
| First/Second | March 18-20 | Greenville, South Carolina – Bon Secours Wellness Arena |
| First/Second | March 18-20 | Milwaukee, Wisconsin – Fiserv Forum |
| First/Second | March 18-20 | Pittsburgh, Pennsylvania – PPG Paints Arena |
| First/Second | March 18-20 | San Diego, California – Viejas Arena |
| Sweet 16/Elite Eight | March 24-26 | San Antonio, Texas – AT&T Center |
| Sweet 16/Elite Eight | March 24-26 | San Francisco, California – Chase Center |
| Sweet 16/Elite Eight | March 25-27 | Chicago, Illinois – United Center |
| Sweet 16/Elite Eight | March 25-27 | Philadelphia, Pennsylvania – Wells Fargo Center |
| Final Four | April 2-4 | New Orleans – Caesars Superdome |
BetMGM Leads the Way
The BetMGM online sportsbook that now operates in more than a dozen Las Vegas hotel and casino locations is one of the leaders in taking March Madness bets. NCAA basketball bets comprise anywhere up to 50% of the total handle taken by the BetMGM franchise in Nevada during March.
The data in these predictions for the March 2022 handle come from public data on Nevada sports bets. Previous months have shown an increase of around 72% compared to last year’s figures, so if this holds true for March, we will see another $1.1 billion handle month.
If you want to know more about legal sports betting in your state, use this tracker to learn more.
Based in California, James William writes about golf, tennis, UFC and the (sometimes complicated) world of betting on sports. A big lover of live poker, James also takes care of casino reviews for Vegas-Odds.com.
