March Madness betting trends
According to the American Gaming Association (AGA), Americans gamble more than $10 billion on March Madness games each year. Up until this year, approximately $9.7 billion of that money was bet illegally.
Since New Jersey and six other nations have joined Nevada in launch legal sports gambling before the 2019 NCAA Tournament, that number is about to change appreciably.
Although, the AGA also estimates 10 percent of Americans age 21 and older, close to 24 million people, bet nearly $3 billion on March Madness mounts through office pools and the like.
Paid office pool brackets are contrary to the law in most states. However, this kind of NCAA March Madness betting is ingrained in American culture that the amounts are not very likely to change soon.
Taking it further, Forbes Magazine estimates the percent of people that will put a minumum of one bet across the globe on the NCAA Championship could be more than 100 million.
The road to March Madness
Prior to the path to March Madness starts college basketball teams play with a normal season of up to 29 games.
A total of 68 teams have been selected by the NCAA to play or play with their way.
The first 32 are automatic bids given to the teams that win their respective conference tournaments, held after the regular season.
Incidentally, you can bet on regular season and conference tournament games in NJ sportsbooks too, given the games do not occur in NJ or demand NJ-based schools.
The 36 teams have been forecasts.
The at-large bids are typically awarded to top-ranked teams along with others that had a great regular season but failed to win a conference tournament.
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