March Madness betting trends
According to the American Gaming Association (AGA), Americans gamble over $10 billion on March Madness matches 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 launching legal sports betting before their 2019 NCAA Tournament, that amount is going to change significantly.
Although, the AGA also estimates 10% of Americans age 21 and older, close to 24 million people, wager nearly $3 billion on March Madness brackets through office pools and the like.
Office pool brackets that are paid are against the law in most states. However, this type of NCAA March Madness is ingrained in American culture the amounts aren’t likely to change anytime soon.
Taking it even further, Forbes Magazine estimates the number of people that will put a minumum of one bet on the NCAA Tournament throughout the globe might be more than 100 million.
The road to March Madness
Prior to the road to March Madness begins college basketball teams play with a normal season of up to 29 games.
The NCAA selects A total of 68 teams to play or play their way.
The first 32 are automatic bids awarded 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 too, provided the games do not occur in NJ or involve NJ-based schools.
The 36 teams are forecasts picked by the NCAA Selection Committee.
The at-large bids are usually awarded to top-ranked teams and others that had an outstanding regular season but failed to win a conference tournament.
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