Americans will place $9.2 billon in wagers on this year's NCAA tournament
The annual US sports betting frenzy that has been dubbed March Madness is once again upon us, with the American Gaming Association estimating this week that Americans will wager $9.2 billion on this year's NCAA tournament… but only $262 million of that will be bet legally through regulated and licensed sports books in Nevada, the land gambling trade association says.
March Madness itself constitutes just a small percentage of the total US illegal sports betting market, which the AGA estimates reached $148.8 billion last year. Yet political obstinacy prevents most state governments from protecting consumers and reaping tax benefits from this massive and currently underground business.
In a press release this week, AGA chief exec Geoff Freeman said:
"Americans' passion for betting fuels the unmatched popularity of March Madness. Betting increasingly drives sports fans – and even casual observers – to invest in the tournament, offering further evidence that sports betting is the new national pastime.
"It's time for a fresh, rational approach to sports betting that reflects this reality."
The AGA estimates that more than 70 million brackets will be filled out in America, with an average bet for a bracket being around $30. The rest of the total comes from legal Nevada sports books, illicit offshore sites and illegal bookies, according to the AGA.
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