College basketball is one of the biggest sports betting markets in the US. In 2022, over 40 million Americans will wager more than $3 billion on March Madness, making it the second biggest sports betting event in the country after the Super Bowl.
Truth be told, betting on the NCAA brackets has been a popular tradition in the country long before college sports betting became legal in 2018. Sports betting is a lot more popular these days. And it’s all thanks to the rise of safe, legal sportsbooks and sweet college basketball bonus rewards. Stick around to discover how legal sports betting is impacting college basketball leagues.
More Cash for Colleges
Sports betting companies splash hundreds of millions of dollars every year through sponsorship deals. They mostly target the NBA, but they’re increasingly partnering with NCAA colleges. The University of Colorado was the first college to partner with a sportsbook in 2020. Since then, more bookmakers have signed multi-million deals with college basketball teams in the country.Who benefits from all this money? The NCAA gets a large portion of the funds.
But every college in partnership with a sportsbook also receives money annually, funds they use to finance different school projects.Sports betting deals are particularly helpful to underfunded college schools. These schools may not be favored by the large brands. However, income earned by partnering with gambling companies can go a long way in funding successful sports programs.
Increased Fan Engagement
College basketball has been growing rapidly ever since sports betting became legal. According to studies, new fans are people who bet on basketball regularly.The thing is, every bettor must keep up with the outcome of their bets. Some of them may drive to watch the games in person. But the majority of new sports fans would rather watch the games at home.
Either way, legalizing betting is helping college basketball grow. To be fair, legal gambling has had a positive impact on all major sports. Nielsen Research did a study on the NFL’s growing audience in the age of legal betting. It discovered that sports bettors watched twice the number of games regular fans did. In fact, gamblers make up 47% of the league’s TV audience. In light of that information, college basketball will continue to grow as more Americans become interested in sports betting.
More NIL Deal Opportunities for the Players
In 2021, the NCAA made the bold decision to let student-athletes make money from their Names, Image, and Likenesses (NIL). Not every state has NIL deals. However, the NCAA allows its student-athletes to make these deals regardless of where they study.NIL deals have been particularly beneficial to college basketball students, especially the top performers. In most cases, athletes sign NIL deals with shoe and apparel companies, restaurant chains, and online businesses.
Now, student-athletes have a new potential source of income—partnerships with betting brands. Emphasize the word potential because most students may not qualify for the deals. Around the country, most states prohibit people under 21 years from gambling or partnering with gambling businesses. And most students are below the aforementioned age limit.
Growing the Standard of College Basketball
With more money flowing to NCAA colleges, the standard of basketball is expected to grow. An improved basketball standard will mean fewer lopsided matches and better-quality players joining the NBA. Conventionally, most college basketball tournaments are dominated by a few highly equipped colleges. So we’re talking about the likes of Duke, UCLA, Kansas, Kentucky, and North Carolina.
When these schools show up for a tournament, they almost always defeat lower-ranked programs. However, this could change in the future if all colleges receive funding from betting companies. Of course, money alone can’t help a college program turn successful. But it can improve the coaching, the facilities, and the nurturing process. By doing so, teams that never had a chance at winning the NCAA Championship might get the chance.
Opportunities for Startups
A legal betting space means there’s a lot of money to be made, and not just by the NCAA. In addition, as we mentioned earlier, legalizing betting created a new fanbase for college basketball. These fans are watching NCAA games, not for entertainment alone. They also want to make money. This creates an opportunity for tech companies and traditional media stations will to offer betting advice to fans. Think of how the Wall Street Journal helps investors make more money in the stock market.
Investors can create a similar platform where experts share their betting tips for free or through paid models. Where the information is shared freely, the companies can make money through adverts and affiliate links. Otherwise, they can charge for their tips. But, to be clear, AI technology now helps bettors make wiser decisions. Computer-generated betting picks are getting popular. That’s because computers do not have biases. Instead, they make their predictions based on data fed to them.
Promoting Responsible Gambling
One of the reasons states are legalizing sports betting is that it can help fight the ills of the black market. Before the Supreme Court’s landmark decision in 2018, foreign betting sites would prey on American gamblers. They would permit people with serious gambling problems and offer no assistance. With legal sports betting, states are making it mandatory for betting companies to advocate for responsible betting.
What’s more, some states have created programs aimed at helping people with gambling addiction issues. This is all possible because states are getting tax dollars from the gambling industry.Beyond addressing problem gambling, states and colleges are partnering to ensure the market is fair. For example, they’re fighting financial violations and enforcing data security to help college basketball bettors bet in a safe environment.
Conclusion
The NCAA may have been against legalizing sports betting back in 2018. But losing the case was actually a boon for the organization. As a result, college basketball is gaining more money, fans, and attention. This money can help colleges fund underfunded school programs. They can use it to improve coaching and renovate facilities. And they can dedicate some of it to promoting responsible betting. Beyond the NCAA, legal betting benefits state where basketball colleges are located through the tax income they get.
