An estimated 47 million American are going to bet a total of $8.5 billion in the NCAA’s “March Madness,” according to the American Gaming Association. The college basketball’s biggest annual event will run over the next three weeks in selected cities across the U.S.
Nearly 30% of the bettors favor Duke University to bag the national championship in this event that will begin on Tuesday and will end in Minneapolis on April 8. Gonzaga (9%), North Carolina (8%), Kentucky (7%), Virginia (5%) and Michigan (5%) follows the Blue Devils on the list.
This year will be the tournament’s commencement after the U.S Supreme Court ruling last May 2018 that now allow states to legalize, control and impose a tax on sports betting.
Eight states now are offering legal sports wagers. AGA said that over $5.9 billion of sports betting has already been accumulated in those states. After the court ruling, the forecast says that sports fans are also expected to bet 40% higher than they did on the Super Bowl, another traditionally large betting event.
Another 23 states are now considering legitimizing sports gambling through different active legislation bills. As many as 39 states may have legalized sports betting by 2023, says Eilers & Krejcik gaming analysts.
AGA said this year’s “March Madness” would rake $4.6 billion of wagers with people filling out 149 million brackets through sportsbooks operators, with a bookie or a colleague. The other $3.9 billion of bets would be from illegal sports gambling websites.
As the interest in sports betting rises, it provides a great sight on how many betters would want to switch from illegal to legal sports betting. Casinos, bookmarkers, and racetracks are also looking to generate good money in the coming years.
Bill Miller, AGA Chief Executive Office, said these results still mean there’s a lot of work to remove the enormous illegal sports betting market in the country.