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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.
Gambling News :
Tim Chung Wins MPNPT Manchester -
The 288-runner £550 MPNPT Manchester Main Event today crowned its champion, awarding the bulk of the £150,000 total prizepool to the nine players surviving after two days of tournament poker at the Grosvenor Casino.
MPNPT Manchester Day 2 -
Day 2 of the £550 MPNPT Manchester Main Event saw 60 Day 1 survivors (from a total of 288 entries) and three intrepid last-minute registrants sit down to play to the final table.
Day 1B MPN Poker Tour Manchester -
Day 1B of the £550 MPNPT Manchester Main Event saw the field rise to 285, as players took full advantage of the whole-day re-entry period.
Day 1A MPNPT Manchester -
The £150,000 guaranteed MPNPT Manchester kicked off today in style – 74 poker players from all over Europe arriving at the Grosvenor Casino to contend the first of two starting days
Kung Fu Rooster Slot Goes Live -
Celebrate Chinese New Year - 2017 Year of the Rooster. It's time to sweep away any ill-fortune and make way for incoming good luck, with this exciting 12 lines slot game.
Sensational Sixes Slot Goes Live -
Light up Icons like BAR's, black spades, red hearts, blue diamonds, and green clubs. The best part of Sensational Sixes are the three wild icons, for 2X, 4X, and 6X multipliers!
3 New Betsoft Slots -
3 new Betsoft slot Games were also added this week to most online casinos allowing US players.
2017 Bodog Super Millions Poker Open -
The first events on the 105-tournament schedule have already been completed; there are three more tourneys on Thursday’s schedule, with a total of $34,000 in guaranteed prize money waiting to be won.
Pokerstars Pulls Out Of Coloumbia -
Pokerstars Has taken the decision to cease offering real money services to players located in, playing from or resident within Colombia, effective from the 17th of July 2017.
The Railbird Launched By Americas Card Room #acra -
Watching your friends conquer the tables just got a whole lot easier. Americas Card Room recently launched its industry-first Player Observer Tool dubbed “The Railbird”, a new feature that allows players seated at Americas Card Room tables to instantly share a live stream of their action with friends.
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