“You know we’re about our business if we wake up this early to save our seats,” said an NCAA Tournament fan in the SuperBook at the Westgate.
Dozens of March Madness spectators began filling up the sportsbook in the early hours of Thursday, the official first day of the college basketball tourney. The first four days of the major sporting event is one of the busiest weekends of the year for sportsbooks in Las Vegas, nationwide and online.
The American Gaming Association projects 68 million Americans will place more than $15.5 billion dollars in wagers on the month-long tournament.
As more states begin legalizing sports betting, Las Vegas is feeling the effects.
“We’re seeing an increase in sports betting,” said Gordon Prouty, Vice President of Public and Community Relations at the Westgate. “It’s creating interest and really expanding the market across the county, and even though they can place sports bets at home, I think it creates more interest in coming to Las Vegas because they’re really getting more involved in sports betting. And then we’re the Mecca of sports betting.”
Hundreds of thousands of visitors fly to Las Vegas during the NCAA Tourney generating millions of dollars for the local economy. Over the years, room rates have increased drastically.
According to Hotels.com, during the first weekend of March Madness, one of the cheapest rooms on the Las Vegas Strip runs about $299. In Downtown, the cheapest room was $272. In 2022, those rates were $145 and $94 respectively.
Las Vegas is gradually becoming a sports destination, not only for the experience of sports betting but also for sports spectating. This year, Las Vegas is a regional host in the men’s NCAA Tournament. In 2028, it will play host to the men’s Final Four.
