March Madness betting trends
According to the American Gaming Association (AGA), Americans bet over $10 billion on March Madness matches every year. Up until this season, roughly $9.7 billion of the money was bet illegally.
Since New Jersey and six other nations have joined Nevada in launching legal sports betting before their 2019 NCAA Tournament, that number is going to change significantly.
Although, the AGA also estimates 10 percent of Americans age 21 and older, close to 24 million people, wager nearly $3 billion on March Madness mounts through office pools and the like.
Office pool brackets are against the law in most states. This kind of NCAA March Madness is so ingrained in American culture the numbers aren’t very likely to change.
Forbes Magazine estimates the number of individuals that will put a minumum of one wager on the NCAA Championship could be more than 100 million.
The road to March Madness
College basketball teams play with a season of up to 29 games prior to the road to March Madness really starts.
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 championships, held after the regular season.
Incidentally, you can bet on regular season and conference tournament games at NJ sportsbooks as well, given the games do not occur in NJ or involve NJ-based schools.
The rest 36 teams are bids picked by the NCAA Selection Committee.
The at-large bids are typically awarded to top-ranked teams and others who had an outstanding regular season but failed to win a conference tournament.
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