X
  • Filter
  • Time
  • Show
Clear All
new posts

  • March Madness Sports Betting - AGA Projects $8.5b in Wagers

    This year’s March Madness marks the first year that there is legal betting outside the state of Nevada and it seems there also will be betting madness.

    The American Gaming Association, which supports and promotes the casino gaming industry at the federal and state level, said $8.5 billion will be bet on the NCAA men’s basketball tournament.

    That’s 1-5 adults placing a bet, based on a new survey released this week.

    Last year, March Madness betting in Nevada was about $300 million.

    Sports betting is possible this year because of a ruling made in May by the U.S. Supreme Court which overruled the Professional and Amateur Sports Protection Act (PASPA), allowing states to implement wagering on collegiate and professional sports.

    “During this year’s tournament – the first in post-PASPA America – sports fans are expected to bet 40% more than they did on this year’s Super Bowl,” said Bill Miller, AGA’s president and chief executive officer. “Unlike any other sporting event in the country, March Madness attracts millions who fill out brackets, make casual bets with friends or wager at a legal sportsbook, which Americans can now do more than ever before.”

    Other key findings in the survey:
    • $4.6 billion will be wagered on a collective 149 million brackets by more than 40 million people (On average a person fills our four brackets)
    • Nearly 18 million people will wager $3.9 billion at a sportsbook, online, with a bookie or with a friend
    • 4.1 million will place a bet at a casino sportsbook or using a legal app
    • 2.4 million will bet illegally with a bookie
    • 5.2 million will bet online, likely at offshore sites
    • The plurality of bettors favors Duke (29%) to win, followed by Gonzaga (9%), North Carolina (8%), Kentucky (7%), Virginia (5%) and Michigan (5%).


    Morning Consult conducted the survey March 1-7 among a national sample of 11,002 adults. Bettors include those who expect to place a bet online, with a bookie, with a casino sportsbook, casually with a friend or participate in a bracket contest.

    Betting on NCAA brackets at work or with family and friends is still far and above the amount of money that will be wagered with a bookie, a friend, online or at sportsbooks.

    Since the Supreme Court’s ruling, more than $5.9 billion has been wagered in the now eight states with regulated sports betting, enabling consumer protections and generating valuable tax revenue for state, local and tribal governments across the country. The eight states taking legal bets are Delaware, Mississippi, New Jersey, New Mexico, Pennsylvania, Rhode Island, West Virginia and, of course, Nevada.

  • I have my hope for GONZAGA!

    Comment

    Top 5 Reviews

    Pinnacle
    Bookmaker
    5Dimes
    William Hill
    Bet365
    Working...
    X