Insight Flash: Consumer Edge Data Reveals Which Sports Bookmakers Dunked in the First Round of March Madness 

March Madness is one of the biggest sports betting events of the year and is critical in the arms race for new bettors. Using Consumer Edge transaction data, investors and companies can assess deposit volume trends for individual sportsbooks, as well as track each operator’s overall share of the industry. 

Sports Betting Industry Gambling Deposit Growth

The sports betting industry has experienced explosive growth in recent years due to mass state legalization. Growth has slowed from the Covid boom but is still growing around 50% YoY. The industry continues to grow from both the attraction of new sports bettors in existing markets and new states continuing to legalize. Online sports betting was legal in 28 states at the time of publishing this article and continued legalization will continue to fuel growth in this budding industry. FANDUEL and DRAFTKINGS have dominated industry share but new entrants like ESPN BET have shown an ability to quickly disrupt and steal share. 

*Consumer Edge Transact USA2 debit data only, doesn’t include ACH; Gambling Sub-industry inclusive of online casinos.

Sports Betting Market Share

Though the sports betting market is highly concentrated, dominated by the likes of FANDUEL and DRAFTKINGS, new entrants such as ESPN BET have shown an ability to enter the market and quickly become a top player. Market share is incredibly important to sports betting operators because the total addressable market is growing significantly as new states legalize. 

Deposits’ market share has been incredibly volatile historically. This is due to the number of promotions operators push to attract and retain bettors on their platforms. Notably, FANDUEL and DRAFTKINGS have been successful in sustaining their shares over long periods, but BETMGM and WILLIAM HILL have not. 

*Consumer Edge Transact USA2 debit data only, doesn’t include ACH; 2024 data only through first round ending on 3/22/2024.

March Madness Deposit Market Share

An increase in marketing by sports books for the tournament could result in a number of new bettors entering the market for the first time and are up for grabs. Assessing deposit market share in the days leading up to the tournament can shed light on each operator’s success in attracting new bettors. Notably, BETMGM’s share was 13% this year, down significantly from 18% in the past 2 years. In addition, ESPN BET is now the fourth largest operator in the US with a share of 4%, despite only launching in November 2023.

*Consumer Edge Transact USA2 debit data only, doesn’t include ACH; annual periods begin 1 week prior to tournament start and ends on day of championship; 2024 data only through first round ending on 3/22/2024.

From sports betting to media to retail shopper behavior, CE data offers an exciting glimpse into market changes around March Madness, as well as other seasonal events throughout the year and across the globe.

Consumer Edge is the leading provider of alternative data for consumer spending behavior, and the only provider of global revenue signals. If you’d like to benefit from using CE Transact US, CE Vision, or other products for gambling insights, sports data, and other industry data year-round to track trends and market hits like these, reach out to

About the Authors

Katherine Bjorkman is the Director of Insights for the CEIC. Explore more of her insights here and follow her on LinkedIn.

Greg Potter is a Financial Analyst for the CEIC. Explore more insights and follow him on LinkedIn.