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American Gaming Association: $8.5 Billion Expected To Be Bet on NCAA Tournament

An estimated 47 million Americans will bet $8.5 billion during the NCAA Tournament, according to the American Gaming Association.

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Over the next three weeks during the NCAA Tournament, almost 50 million Americans will bet $8.5 billion, according to the American Gaming Association.

AGA says that 47 million people will fill out an estimated 149 million brackets and put down $4.6 billion. Almost 18 million of those people will place their wagers, worth almsot $4 million at a sportsbook, online, with a bookie or with a friend.

Since the Supreme Court overturned a 1992 federal law on gambling, the Professional and Amateur Sports Protection Act last May, eight states have legal sports betting, while another 23 states have active bills that are considering legalizing sports gambling.

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“During this year’s tournament – the first in post-PASPA America – sports fans are expected to bet 40% more than they did on this year’s Super Bowl,” Bill Miller, AGA’s president and chief executive officer, said. “Unlike any other sporting event in the country, March Madness attracts millions who fill out brackets, make casual bets with friends or wager at a legal sportsbook, which Americans can now do more than ever before.”

According to a surveyr conducted by Morning Consult, nearly 30% of people think Duke will cut down the nets in Minneapolis. Gonzaga (9%), North Carolina (8%), Kentucky (7%), Virginia (5%) and Michigan (5%), were next on the survey.