NEW YORK (Reuters) – About 47 million people – one in five American adults – are expected to bet a combined $8.5 billion on “March Madness,” the annual men’s college basketball tournament, a new report said on Monday.
A plurality of bettors – 29 percent – favor Duke University’s Blue Devils to win, according to a report from the American Gaming Association (AGA), a casino industry group.
National - Collegiate - Athletic - Association - Tournament
The National Collegiate Athletic Association’s tournament to determine the Division I men’s basketball champions begins on Tuesday and ends April 8 in Minneapolis.
This year is the first time the tournament will be held since a U.S. Supreme Court ruling in May 2018 allowed states to legalize, regulate and tax sports betting.
States - Sports - Wagers - Nevada - Ban
Eight states now offer legal sports wagers, including Nevada, which was never subject to a ban.
More than $5.9 billion has been bet on sports in those eight states since the court decision, the AGA said in its report.
US - Sports - Industry - Expands - Events
As the nascent legal U.S. sports betting industry expands, major events like the NCAA’s March Madness are providing first glimpses of how many betters may want to move from illegal to legal wagering, and how much money casinos, racetracks and bookmakers stand to make in the years...
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