Americans to Legally Wager $3.3 Billion on March Madness; Nearly Half of Digi...

Press Release Contact

Washington, D.C. - The American Gaming Association (AGA) estimates that Americans will legally wager $3.3 billion on the NCAA Division I Women's and Men's Basketball Tournaments this year, a 54% increase over the past three years. The continued growth reflects the strength of the legal state- and tribal-regulated sports betting market and increasing consumer confidence in regulated wagering options.

"March Madness is the highlight of the college basketball season and fans are gearing up for a month of tournament action," said Bill Miller, President and CEO of the American Gaming Association. "Fans continue to engage with legal, state- and tribal-regulated sports betting in record numbers during one of the biggest moments on the sports calendar."

Prediction Market Advertising Surges

Sensor Tower data compiled by the AGA shows that prediction market platforms have rapidly increased their presence in sports betting advertising. While digital ad impressions for online sportsbooks declined nearly 14 percent in 2025, impressions tied to prediction market advertising surged dramatically.

With the expansion of prediction market advertising, nearly one in five (15%) digital sports betting ads seen by consumers last year did not comply with state-mandated responsible gaming messages. Kalshi alone became the third largest sports betting advertiser by digital impressions in 2025.

Through the first two months of 2026:

• Nearly half (43%) of digital sports betting ads seen by U.S. consumers did not comply with state gaming regulations requiring responsible gaming messaging since they came from prediction market operators.

• Kalshi is currently the most visible sports betting brand by digital ad impressions, with consumers exposed to its advertising approximately 5.2 billion times this year, compared with 2.9 billion impressions for FanDuel, the next most frequent sportsbook advertiser.

State and Tribal Operated Sports Betting Advertising Declining

A study commissioned by the AGA shows that despite increased betting activity, overall sportsbook advertising volume has continued its multi-year decline.

• Total sports betting advertising spend fell 5 percent year-over-year.

• Sports betting ad volume across all channels declined 1 percent year-over-year and is 27 percent lower than the 2021 peak.

• Sports Betting TV advertising volume declined 9% and has decreased 50% since 2021.

The data show sports betting advertising represents just a small portion of U.S. television advertising.

• In 2025, sports betting accounted for just 0.9 percent of TV advertising spend, compared with 1.5 percent for alcohol advertising.

• Sports betting advertising volume (0.3%) is half that of the alcohol industry (0.6%) and dwarfed by pharmaceuticals at 13.9%.

• For every sports betting commercial aired on television in 2025, 39 pharmaceutical advertisements aired.

"Confidence in your wager - and in the integrity of the games - starts with a fair and compliant betting market," said Miller. "That's why it's so important that everyone offering sports bets in the U.S. comply with state and tribal regulations, ensuring that consumers are protected."

About the AGA's Advertising Methodology

A study, commissioned by the American Gaming Association, analyzed trends around sports betting advertising in the United States in 2025. The research leveraged Ad Intel, Nielsen's advertising monitoring service for tracking detailed ad spend in markets and media outlets including TV, print, digital, out-of-home and cinema.

Digital advertising specific figures come from Sensor Tower data compiled by the AGA. Pathmatics by Sensor Tower is a digital advertising intelligence platform that provides analytics and insights into digital advertising campaigns across channels including display, video, social, and mobile.