The American Gaming Association (AGAF) has revealed that a record $3.3 billion is expected to be wagered on the 2026 March Madness Tournament. This does not include money wagered in office pools or bracket challenges, which are considered illegal and unregulated. Prediction markets like Kalshi and Betr also offer significant betting volume. The projected betting total on March Madness would represent a six percent increase year over year from 2025. New York is the biggest betting month of the year, with over $2 billion bet in February for the seventh consecutive month.