Americans set to bet big bucks on March Madness

March 18, 2019 - 12:13 pm

( -- LSU opens their NCAA Tournament run Thursday against Yale, and the American Gaming Association says 47 million American adults will place a bet on this year’s contest either by filling out a bracket, or putting down money on a specific game. CEO Bill Miller says 8.5 billion in bets will be placed by the end of the tournament.

“To put this level of engagement in perspective, more than twice as many people will bet on March Madness than the Super Bowl, wagering 40 percent more than they did on the NFL Championship game.”

The Bayou Bengals are eight point favorites to beat the Bulldogs.

The vast majority of those participating in NCAA Tourney wagers, about 40 million, will be folks filling out brackets, hoping to predict the outcome of all 63 games, starting with with tomorrow’s First Four. Miller says 147 million brackets will be filled out.

“Wagering 4.6 billion on the results. This includes friendly office or family pools, and large online contests and more.”

Vegas does not expect the Tigers to challenge for an NCAA title, giving them 50-1 odds.

Despite seven new states approving legal sports betting last year, the black market is still projected to be the biggest recipient of funds, as only 4.1 million bettors are expected to place a legal wager. Miller says they hope the 27 states, including Louisiana, that are reportedly considering legalizing sports gaming will join the growing number.

“With legal alternatives taking hod, those of us who like to bet on sports now have a safer way to engage with our favorite teams under the umbrella of consumer protections that regulation provides.”

Louisiana’s easterly neighbor, Mississippi has legalized sports betting, something that has Bayou State casinos concerned.

Comments ()