The NCAA Division I Men’s Basketball Tournament could draw US$400m in legal wagers at online and retail sportsbooks across the US as ‘March Madness’ takes hold of bettors.

That total that includes $300m in Nevada and $75m in New Jersey, according to the analysts for TheLines.com.

The NCAA Tournament bracket was revealed on Sunday, officially tipping off one of the largest sports betting holidays in the United States. In seven of the eight legal sports betting jurisdictions in the US, this will mark the first time bettors will get a chance to make a legal March Madness bet, and the fervor should be significant.

“In Nevada, the NCAA Tournament trails only the Super Bowl in popularity for sports bettors and actually generates more bets because of the number of games,” said Dustin Gouker, lead analyst for TheLines.com. “New Jersey, which is the second-largest legal sports betting market, is not as event-driven as the Silver State. But the overall handle should propel the state into a record month for handle.”

In 2018 and as the country’s only legal sports betting jurisdiction, Nevada accepted a record $459m in bets in March 2018, with around $300m of that coming from NCAA Tournament wagers. By comparison, the Super Bowl in 2018 generated a record $158.6m in bets.

The American Gaming Association estimates that $8.5bn in legal and illegal bets will be placed on this year’s NCAA Tournament.