Optimove Study Reveals March Madness Betting Surge Driven by Existing Bettors

The NCAA March Madness tournaments have concluded with Michigan claiming the men’s title and UCLA securing victory on the women’s side. According to a new study by Optimove, a leading CRM and player engagement platform for iGaming and sports betting, the men’s tournament saw a 60% surge in betting activity, primarily driven by 97% existing bettors. This data underscores a critical insight for sportsbook operators: March Madness is less about attracting new customers and more about retaining and engaging existing ones.

Optimove, which specializes in customer relationship management for the gaming industry, analyzed betting patterns throughout the tournament. The study found that during the most intense betting periods—such as the First and Second Round weekend (March 19-22)—only 3% of depositing players were new. This trend remained consistent throughout the tournament, highlighting that March Madness serves as a “critical retention opportunity” for sportsbooks.

Key betting surges were observed during pivotal stages of the tournament. The Final Four weekend saw a 51% increase in betting activity compared to baseline levels, while the Elite Eight stage experienced a 41% uplift. Even the Sweet 16, with fewer games but higher intensity matches, saw an 18% rise in betting volume.

The study suggests that operators focusing on “personalized promotions, loyalty rewards, and targeted re-engagement” will see the strongest returns during March Madness. This aligns with broader industry trends, where the American Gaming Association (AGA) previously projected that Americans would wager a total of $3.3 billion on both the men’s and women’s tournaments through legal sportsbooks. Additionally, prediction market platform Kalshi reported $1.2 billion in trading volume over the first two days of the tournament alone.

While the tournament generated massive betting volumes, the data reveals a strategic opportunity for sportsbooks to leverage existing customer bases. By tailoring promotions and engagement strategies to loyal bettors, operators can maximize revenue during these high-activity periods.