Estimated $10 Billion To Be Bet On March Madness

Ruben Hill
March 13, 2018

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.

The AGA estimates that only around 3% of the expected $10bn set to be wagered on the upcoming 2018 NCAA men's basketball tournament will be bet legally, through Nevada sports books.

However, while the number is impressive, a lot of the betting will be done illegally. And yet, according to the Gaming Association, 10 percent of adults - or roughly 24 million - reported spending almost $3 billion in the past year on basketball pools alone. The U.S. Supreme Court is now considering a legal challenge from legislators in New Jersey, with a ruling expected later this year.

The NCAA opposes all forms of legal and illegal sports betting.

In the process, as much as $18 billion was spent on entry fees.

It is also estimated that roughly two-thirds of states' laws make sports pools such as NCAA Tournament bracket pools illegal if money is involved. Enforcing those laws, however, has not been a priority for law enforcement.

A 1992 federal law banned traditional sports betting outside of the Silver State, and that's precisely what the casino industry wants to have struck down.

Which means that approximately $300 million is expected to be wagered legally through sports books in Nevada, the only state now to allow single-game wagering.

At present, there are 48 pieces of sports betting legislation active in 18 states, as legislatures across the country prepare to take advantage of this opportunity the repeal could offer.

"There's a lot of money that's going to go to innovation that's now sitting on the sidelines", he said. As it is known sports betting is legal only in the jurisdictions of Nevada, Delaware, Oregon, and Montana and many people are expected to place their bets in an illegal manner because of convenience or simply being unable to bet in those states.

"Sports betting may have more appeal to our children, it has the potential to affect the integrity of the games, and it may put many more people at risk for problem and disordered gambling", said Neva Pryor, the group's executive director.

Other reports by Click Lancashire

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