As of my last update, the amount of money bet on March Madness, the annual NCAA men’s basketball tournament, is substantial and has been increasing over the years. It’s estimated that Americans bet around $10 billion on March Madness each year, with a significant portion of that coming from illegal or unreported wagers.
However, it’s important to note that these figures can fluctuate and are subject to change. Legal sports betting has been expanding in the United States since the Supreme Court struck down the Professional and Amateur Sports Protection Act (PASPA) in 2018, which has likely affected the total amount bet on the tournament.
For the most current and precise figures, you would need to refer to the latest data from sports betting operators, research firms, or the American Gaming Association.