According to a report published by the American Gaming Association (AGA) around 47 million Americans will bet more than $8.5 billion on “March Madness,” the annual men’s college basketball tournament. The estimated number is almost 20% of the entire adult population in the US.
The National Collegiate Athletic Association (NCAA) organizes the tournament. It starts, Tuesday and with the final winner to be announced on April 8 in Minneapolis.
It is the first time when the competition will be held after the US Supreme Court gave the states permission to make sports betting legal, regulate and collect taxes from sports betting activities. Following the Supreme Court’s ruling, eight states have already got into the business.
The AGA report also points out that over $5.9 billion have already been at stake since the court’s ruling on the matter.For analysts, the number of better and the amounts at stake, particularly in major national sports events like “March Madness” indicate the prospects and the future of legal sports betting in the US.
According to the speculations in the market, the Americans are expected to wager $325 billion on the “Super Bowl” another major event coming up this year. The legal sports betting industry is taking quantum leaps. According to Eilers & Krejcik, gaming industry analysts, 39 US states could offer legal sports betting by March 2023.
4.6 billion will come from 40 million people betting with their peers, $3.9 billion will be through illegal overseas betting websites – the AGA report breaks the figure of $8.5 billion expected wagering.In a statement made today, the AGA Chief Executive Officer Bill Miller said: “These results indicate there’s still work to do to eradicate the vast illegal sports betting market in this country.”