Even though most states don’t publish sports betting handle and revenue by sport, many studies have confirmed that March Madness is one of the most popular events among bettors. Before the tournament began, the American Gaming Association (AGA) estimated that Americans would legally wager around $3.1 billion. While full official numbers aren’t yet available, early data from several states offers some interesting insights.
“March Madness is one of the most exciting times in American sports, with fans fired up for both the men’s and women’s NCAA tournaments,” said AGA SVP of Strategic Communications Joe Maloney.
Across those states that have already published March 2025 sports betting data, a clear trend emerges – sportsbook win rates were notably low. This suggests that bettors performed well, winning a significant share of their wagers.
Take North Carolina, for example. While the state saw a record-breaking handle in March, the gross revenue – the amount sportsbooks kept after paying out winnings – was actually the third lowest in its short regulated history.
One possible explanation lies in the tournament’s lack of major upsets. Bettors who stuck with favorites likely had a strong month.
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A Tournament Without Twists: Why Bettors Had the Advantage 2a3d
Among the 32 men’s teams that made it to the second round, half came from just two conferences: the SEC and Big Ten. Additionally, all top 16 teams were from the four strongest conferences.
According to Stats Perform, this was the first time in 50 years that so few conferences were represented in the Sweet 16. Historically, at least seven different conferences made it that far.
Digging deeper, every game in the Sweet 16 and Elite 8 was won by the higher-seeded team. With so few surprises, sportsbooks likely paid out heavily on favorite-driven parlays and straight bets.
This year marks the first NCAA Tournament without a team seeded 11th or worse in the Sweet 16 since 2007.
The 16 straight tournaments with at least one team seeded 11th or worse in the Sweet 16 was the longest streak since seeding began in 1979.
— OptaSTATS (@OptaSTATS) March 24, 2025
From New York to West Virginia: March Madness Revenue Trends 4l5qn
By the time this article was published, only a handful of states had released their full March 2025 sports betting reports. Still, the available data already reveals a strong pattern: record-breaking handles across several markets, but lower-than-usual win rates for sportsbooks.
| State | Handle ($M) | Revenue ($M) | Win Rate (%) |
|---|---|---|---|
| New York | 2500.0 | 165.0 | 6.60 |
| North Carolina | 685.0 | 38.1 | 5.57 |
| Kansas | 248.4 | 15.3 | 6.17 |
| Maryland | 588.5 | 47.9 | 8.10 |
| Indiana | 553.6 | 35.8 | 6.47 |
| West Virginia | 56.5 | 3.05 | 5.40 |
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New York didn’t set a new record in March, but it still posted an impressive $2.5 billion in handle, the second-highest ever for the state. Revenue told a different story, though. The sportsbook win rate was just 6.6%, third lowest since online betting was legalized, and more than two percentage points below the state average of 8.7%, pushing March out of the top 10 in revenue months.
North Carolina 4c3d2g
Just a year after legalizing sports betting, North Carolina hit a record handle of $685 million in March. However, the win rate came in at 5.57%, the lowest on record for the state, resulting in $38.1 million in revenue – the third-lowest monthly revenue in its regulated market so far.
Kansas 1681b
Kansas recorded a handle of $248.4 million and revenue of $15.3 million, driven by a 6.17% win rate, which is nearly three percentage points lower than the state’s historical average. Still, this wasn’t the worst – back in February 2024, the win rate dipped to just 4.17%.
Maryland 5o3t45
Maryland’s handle rose by 18% compared to March 2024, totaling $588.5 million. While the win rate was 8.1%, that’s about 3% lower than the state average, yielding $47.9 million in revenue and $4.4 million in tax contributions.
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Indiana posted a $553.6 million handle, with $35.8 million in revenue and $3.4 million in taxes. DraftKings and FanDuel ed for 67% of the online handle. Nearly half of all bets targeted basketball, and another 32.25% came from parlays, many likely basketball-related. The state saw its third-highest handle ever, paired with the third-lowest win rate in three years.
West Virginia 512b39
West Virginia reported $56.5 million in handle and just over $3 million in revenue, with a win rate of 5.4%, the lowest in the last three years.
