NCAA March Madness 2021 betting expects to see fans open wallets in a big way

March Madness, both the tournament and the betting frenzy surrounding it, will look different this year due to the coronavirus pandemic and online betting.

FOX Business’ Grady Trimble gave “Mornings with Maria” more details about the tournament from Indianapolis, Indiana.

March Madness could be the most wagered on sporting events of all time, according to research from PlayUSA, which projected that the tournament could generate as much as $1.5 billion in legal bets.

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Online betting is expected to ramp up this year as the traditional system of paper brackets filled out in the office no longer works with most people working from home.

Increased legalization of online betting is also making a huge difference.

During the last March Madness tournament, which took place in 2019, sports betting was only approved in a handful of states. This year, more than 20 states allow placing a bet online. Roughly 50 million Americans are expected to place bets this year, according to the American Gambling Association.

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How the college basketball tournament is run will also be very different from years past thanks to coronavirus safety precautions. Trimble pointed out that all games will be played in Indianapolis at various venues instead of multiple host cities.

Trimble said local businesses are very excited about the event, which is bringing fans to the area, despite reduced capacity at the games.

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Indianapolis hotels are filled with players and staff members from 68 teams who are being housed in a bubble to lower the risk of COVID-19 infections.

FOX Business' Grady Trimble contributed to this report.