March Madness Takes on the Super Bowl: Why Scale Over Time is Winning the US Regulated Market

Each year, the US sports betting market builds up to what is expected to be the biggest game in US sports. Notoriously, the Super Bowl is a peak time for sportsbook operators. It casually racks in over 100 million viewers each year, with the 2026 game recording an average viewership of 125.6 million. 

With that, the Super Bowl positions itself as one of the best acquisition opportunities available to operators. In 2024, Super Bowl LVIII generated a handle of over $1.4 billion. The following year for Super Bowl LIX, that number was closer to $1.5 billion. For 2026, estimates from the American Gaming Association (AGA) increased to $1.7 billion.  

Those numbers speak for themselves. But while the Super Bowl is an extraordinary moment, we’re also reminded that it is just that. A moment in US betting history that sometimes feels like it’s over in a flash. 

 March Madness Takes Scalability to the Next Level

Compared to the Super Bowl, March Madness tells a different story. And from my point of view, the tournament is more important.  

Over the past few years, March Madness has consistently generated a handle of $2.5-$3 billion, with AGA estimates indicating this year’s competition will reach $3.3 billion. This consistency is driven by continued state expansion into the regulated sports betting market and by increased competition among operators.

 And although official numbers have yet to be published, we can already see the scale of March Madness in the few states that have released their sports betting revenue figures for the month. New York posted a handle of $2.3 billion in March, followed by North Carolina with $726.2 million, and Maryland at $604.7 million.  

Compared to February’s figures, these totals were up 16%, 21.3%, and 17.5%, respectively, reflecting the impact of March Madness on sportsbooks during this period. While not discounting the Super Bowl, March Madness’ structured system continues to be a success for operators in its own right. 

What March Madness Means for Operators 

The tournament takes place over several weeks, starting with 64 teams and slowly whittling that number down to two. Through 67 games, consumers interact with an exciting structure that sees teams fight it out to reach the Sweet 16, Elite Eight, and Final Four, and then take on the Championship-deciding game. 

For operators, this structure can also be good news. The length of the tournament and number of games can provide multiple betting windows, as well as solidify consistent user engagement. From an operator's perspective, it is more valuable to build a trusted relationship between the customer and the operator through repeated interactions rather than relying on a single dedicatedexchange once a year.

We can see this reflected in performance data. During the competition, users tend to place more bets per game, experiencemore frequent returns, and show increased engagement in a wider range of markets. It is then unsurprising to see higher retention rates slowly outperform single-event standards. 

For me, events like the Super Bowl tend to be more focused on reach, while March Madness is all about depth. 

How to Make the Most of Regulatory Setbacks

However, March Madness does run into some regulatory challenges in the North American-regulated market. Unlike professional sports, college sports face varying treatment across the US: some states allow wagering, while others have banned it completely. 

But operators shouldn’t fret. While a fragmented landscape can offer challenges, it can also provide opportunities. 

Being able to navigate this framework is essential for operators. It means that marketing campaigns need to be localized to each state’s requirements, rather than taking a broader approach, as certain offers might not be available in other markets. But by doing this, operators can capture demand more easily than those constrained by regulations.

The protection of college athletes should also be a high priority for operators, as players do not operate within the same commercial environment as professional athletes. This means that they are more at risk from external factors, like betting-related abuse. 

Working with regulators and leagues to uphold sporting integrity, limiting certain wagers that are directly tied to players, and investing in education and responsible gambling initiatives should be at the top of every operator's list. 

Sustainable growth relies on trust, not just from regulators, but from the broader ecosystem. 

What the Future Has in Store for March Madness

Looking ahead, the gap between March Madness and the Super Bowl remains defined by how operators approach each tournament. 

The Super Bowl will always be a high-revenue driver, but March Madness can help operators build dedicated audiences, leading to sustained growth over time. 

In my opinion, operators do not need to focus on which event is bigger; instead, they should consider what each one provides. The Super Bowl brings in users, while March Madness keeps them. And as the market continues to mature, the distinction matters more than ever.