$10B will be bet on March Madness - most of it illegally

$10B will be bet on March Madness - most of it illegally

The American Gaming Association (AGA) estimates of the more than $10 billion Americans wager on the 2018 National Collegiate Athletic Association (NCAA) men's basketball tournament, only 3 percent would be legally bet via Nevada sports books.

As the predicted amount of illegally bet money was announced, the American Gaming Association claimed that sports betting should be legalized across all states since this will prevent the capital from sinking into the murky waters of the illegal area.

ATLANTIC CITY, N.J. America's gambling industry predicts $10 billion will be bet on the March Madness college basketball tournament - almost all of it illegally or off-the-books. That includes 24 million who filled out basketball brackets pools and spent $2.6 billion on entry fees.

According to ESPN, 24 million Americans participated in NCAA Tournament pools past year, spending more $2.6 billion, while nearly a quarter of American adults engaged in some sort of paid-entry pool. As many as 18 states are actively working towards legalizing sports wagering so that they could be prepared for the moment when the PASPA will be overturned or modified in a way which permits sports betting.

Freeman said only 3 percent of the $10 billion the group predicts will be wagered on the games will be done through legal Nevada sports books, or about $300 million.

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The Associated Press reports that the U.S. Supreme Court will make a ruling on a challenge to change the sports betting laws to allow legal sports betting in all states and not just Delaware, Montana, Nevada and Oregon.

The U.S. Supreme Court is now considering a legal challenge from legislators in New Jersey, with a ruling expected later this year.

The illegal betting numbers rise because of the country's sports betting laws.

A 1992 federal law banned traditional sports betting outside of the Silver State, and that's precisely what the casino industry wants to have struck down.

"There's a lot of money that's going to go to innovation that's now sitting on the sidelines", he said. Such betting pools are technically illicit, the group said.