Americans could bet $3.1 billion on NCAA men's basketball tournament, according to survey

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Billions of dollars are expected to be wagered on the NCAA tournament, the most heavily bet sporting event in the United States.

45 million people could combine to wager $3.1 billion on the NCAA tournament, according to research from the American Gaming Association. The amount is three times more than what was estimated to have been bet on the Super Bowl.

The AGA estimates are based on a national survey of 2,301 adults conducted by Morning Consult during the first week of March.

The amount of people planning to bet on the tournament is down slightly from last year's survey results, and the responses this year indicate a shift in how Americans will wager on March Madness.

The American Gaming Association stated in a release that Americans plan to place a greater share of their bets through non-bracket. Americans expect to place 76 percent of their wagers outside of brackets, up from 55 percent last year.

Thirty states and the District of Columbia have launched legal betting markets. More American adults can legally wager in their home state compared to last year, potentially contributing to the shift in how people plan to bet on March Madness.

AGA president and CEO Bill Miller said in the release that this year will generate the highest legalbetting handle in March Madness history.

The public is fond of picking the winner of the NCAA tournament, and it is the Jesuits who are the favorites to win. 34.5% of entries in the Tournament Challenge contest had the Zags winning the title, four hours after the brackets were released.