March Madness Gambling trends
According to the American Gaming Association (AGA), Americans bet more than $10 billion on March Madness games each year. Up until this season, approximately $9.7 billion of the money was bet illegally.
Considering that New Jersey and six other nations have joined Nevada in launch legal sports gambling ahead of their 2019 NCAA Tournament, that number is going to change significantly.
Although, the AGA also estimates 10 percent of Americans age 21 and older, close to 24 million individuals, bet nearly $3 billion on March Madness brackets through office pools and so on.
Office pool mounts that are paid are against the law in most states. This type of NCAA March Madness gambling is ingrained in American culture that the amounts aren’t likely to change soon.
Forbes Magazine estimates the percent of people that will place a minumum of one wager on the NCAA Championship throughout the globe could be over 100 million.
The road to March Madness
College basketball teams typically play a regular season of up to 29 games before the path to March Madness begins.
The NCAA selects A total of 68 teams to either play or play their way into 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 at NJ sportsbooks too, given the games don’t occur in NJ or involve NJ-based schools.
The rest 36 teams have been at-large forecasts chosen by the NCAA Selection Committee.
The at-large bids are typically given to top-ranked teams and others that had an outstanding regular season but failed to win a conference championship.
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