Estimated $10 Billion To Be Bet On March Madness
Americans are expected to bet $10 billion on this year's NCAA Men's Basketball Tournament, according to estimates released by The American Gaming Association.
Of that $10 billion, only three percent will be wagered legally through Nevada's sports books. Currently, Nevada is the only state to allow single-game wagering.
“Our current sports betting laws are so out of touch with reality that we’re turning tens of millions of Americans into criminals for the simple act of enjoying college basketball,” said Geoff Freeman, president and CEO of the American Gaming Association. “The failed federal ban on sports betting has created an illegal, unregulated sports betting market that offers zero consumer protections and generates zero revenue for state and tribal governments.
Gamblers spend at least $150 billion a year on sports, due in part because of the federal Professional and Amateur Sports Protection Act (PASPA) of 1992 which forbids state-authorized sports gambling.
The United States Supreme Court is expected to make a decision on New Jersey applying to legalize gambling in that state. The 3rd U.S. Circuit Court of Appeals rejected New Jersey law in 2016, ruling their law violated PASPA.
