March Madness Gambling trends
According to the American Gaming Association (AGA), Americans gamble over $10 billion on March Madness matches every year. Up until this season, approximately $9.7 billion of the money was bet illegally.
Since New Jersey and six other states have joined Nevada in launch legal sports gambling before the 2019 NCAA Tournament, that number is about to change significantly.
Although, the AGA also estimates 10 percent of Americans age 21 and older, close to 24 million people, wager nearly $3 billion on March Madness mounts through office pools and so on.
Paid office pool brackets are against the law in most states. This kind of NCAA March Madness is ingrained in American culture that the numbers aren’t likely to change soon.
Forbes Magazine estimates the percent of individuals that will place a minumum of one bet across the globe on the NCAA Tournament could be over 100 million.
The road to March Madness
College basketball teams typically play a season of around 29 games before the path to March Madness really begins.
A total of 68 teams have been chosen by the NCAA to play or play their way to the NCAA tournament.
The first 32 are automatic bids awarded to the teams that win their respective conference tournaments, held following the regular season.
Incidentally, you can bet on regular season and conference tournament games in NJ sportsbooks as well, given the games don’t take place in NJ or demand NJ-based schools.
The rest 36 teams have been bids picked by the NCAA Selection Committee.
The at-large bids are usually awarded to top-ranked teams and others that had an outstanding regular season but failed to win a conference championship.
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