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9 Billion To Be Bet On March Madness This Year
Tuesday March 17,2015 : AMERICANS WILL SPLASH OUT $9 BILLION ON MARCH MADNESS THIS YEAR
And most of those bets on the National Collegiate Athletic Association's basketball tournament will be illegal.
Americans will bet more than $9 billion on the National Collegiate Athletic Association's basketball tournament this year, but the vast majority of those bets will be illegal, reports the publication Pennlive, quoting American Gaming Association figures.
The Association estimates that this vast sum will be wagered on 68 teams through 70 million brackets, but only $240 million will go through legal Nevada sports books. That's almost double the wagers placed on the Super Bowl.
And business estimates are that lost productivity due to the 4-day March Madness will top $1.2 billion this year.
The federal Professional and Amateur Sports Protection Act prohibits sports fans from wagering on the tournament - or any big game - outside of Delaware, Montana, Nevada and Oregon, but that is being challenged by states like New Jersey, which would like to boost government revenues with an additional income stream
In Pennsylvania, there's a similar interest in legalised sports betting, although no firm steps forward have been taken - perhaps due to a political "wait-and-see" approach as the New Jersey challenge unfolds.
Last year, the Pennsylvania Legislative Budget and Finance Committee estimated that legalised sports betting could bring in annual revenues of $137.7 million or $160.5 million, based on comparable figures from places where sports wagers are legal.
If online gambling - where more concrete political moves are taking place - was additionally legalised, the state could harvest a further $113 in taxes.
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NBA : Warriors Win the West; NBA Finals Next -
The Golden State Warriors will play in their third-straight NBA Finals. They completed their sweep of the San Antonio Spurs Monday night, rolling to a 129-115 victory as 12-point road favourites; Golden State opened the season as a –250 chalk to win the Western Conference.
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NHL Odds: Lone Canadian Team Plays on Friday -
“Stingy” is a word that many have used to describe the Ottawa Senators in Round Three. The Sens know that they’re overmatched against a Pens lineup that features the likes of Sidney Crosby, Evengi Malkin and Phil Kessel, but with determined defensive play, Ottawa managed to frustrate the Penguins on their home ice, stealing one of two games.
NBA Odds: Will Cavaliers Be Rusty in Game 1? -
The Boston Celtics needed seven games to get past the Washington Wizards, but they got the job done Monday night, winning 115-105 as 5.5-point home favourites. Next up: the defending champion Cleveland Cavaliers, who visit the Garden Wednesday night at 8:30 PM ET on TNT.
4 New Microgaming Releases in May 2017 -
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PKR Company Statement Update -
Microgaming can confirm that David R Taylor and Matthew R M Wild of RSM Restructuring Advisory LLP were appointed Joint Administrators of PKR Ltd and PKR Technologies Limited on 11 May 2017 by the High Court, Chancery Division.
Microgaming Wins The Spark Award 2017 -
The Spark Award celebrates organisations that experiment with ways of working differently. Previous winners include GCHQ and Places for People. It’s a part of Spark the Change, a global movement dedicated to empowering people and building happier workplaces.
NHL Predators First Ever Conference Finals Appearance -
With three of the team’s top four point scorers residing on the blueline, the Nashville Predators have found a strategy that frustrates even the best in the West. After qualifying as the lowest-seeded Western Conference team, the Predators made quick work of the Chicago Blackhawks (4-0) and St. Louis Blues (4-1) in the first two rounds.
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