Estimated $10 Billion To Be Bet On March Madness

Wednesday, 14 Mar, 2018

An estimated $10 billion will be bet by Americans on the NCAA Tournament this year, according to new estimates released by The American Gaming Association.

As the predicted amount of illegally bet money was announced, the American Gaming Association claimed that sports betting should be legalized across all states since this will prevent the capital from sinking into the murky waters of the illegal area. This is how the wagers placed in an illegal way seriously harm the industry and rob gambling developers from the opportunity to invest the generated income into future projects.

The U.S. Supreme Court is weeks away from ruling on New Jersey's challenge to a law limiting legal sports betting to just four states: Delaware, Montana, Nevada and OR, and a ruling that legalizes sports betting nationwide could provide new revenue opportunities for cash-strapped state governments, as well as casino companies. They spent almost $18 billion on entry feeds, and 24 million people filled out March Madness brackets while spending around $2.6 billion on entry fees, according to a report. That includes 24 million who filled out basketball brackets pools and spent $2.6 billion on entry fees.

On Dec. 4, 2017, the Supreme Court heard oral arguments on Christie v. NCAA, which challenges the constitutionality of PASPA while the AGA filed an amicus brief with the Court detailing the impacts of the failing federal sports betting ban. Enforcing those laws, however, has not been a priority for law enforcement.

The American Gaming Association reports in its release that there are 48 pieces of sports betting legislation now spread across 18 states.

The illegal betting numbers rise because of the country's sports betting laws.

The US Supreme Court is only but a few weeks away from ruling on New Jersey's challenge to a law overturn the existing sports betting legislation, just in time for the America Gaming Association to release some jaw-dropping figures on illegal sports betting.

"There's a lot of money that's going to go to innovation that's now sitting on the sidelines", he said.

Almost 25 percent of the US adult population admitted to participating in a sports betting pool in 2017.