March Madness Gambling trends
According to the American Gaming Association (AGA), Americans bet more than $10 billion on March Madness games each year. Up until this season, roughly $9.7 billion of that money was bet .
Considering that New Jersey and six other states have joined Nevada in launch legal sports gambling before the 2019 NCAA Tournament, that amount is about to change significantly.
Although, the AGA also estimates 10 percent of Americans age 21 and older, close to 24 million individuals, wager nearly $3 billion on March Madness brackets through office pools and the like.
Paid office pool brackets are contrary to the law in most states. But this type of NCAA March Madness betting is so ingrained in American culture that the numbers aren’t likely to change anytime soon.
Taking it further, Forbes Magazine estimates the number of individuals who will place a minumum of one wager throughout the globe on the NCAA Tournament might be more than 100 million.
The road to March Madness
College basketball teams play with a normal season of around 29 games before the path to March Madness truly begins.
A total of 68 teams are selected by the NCAA to play or play their way to the NCAA tournament.
The first 32 are automatic bids awarded to the teams that win their respective conference tournaments, held following the regular season.
Incidentally, you can bet on regular season and conference tournament games in NJ sportsbooks too, provided the games don’t take place in NJ or demand NJ-based schools.
The 36 teams are bids.
The at-large bids are typically awarded to top-ranked teams along with others who had an outstanding regular season but failed to win a conference championship.