http://www.marketwatch.com/story/th...end-betting-on-march-madness-games-2016-03-16
This is how much Americans will spend betting on March Madness games
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By Maria LaMagna
Published: Mar 16, 2016 12:25 p.m. ET
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The amount is close to the GDP of several small nations
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<cite>Jamie Squire/Getty Images</cite>
<figcaption>Wichita State vs. Indiana during the 2015 NCAA men's basketball tournament.</figcaption></figure>
By
MariaLaMagna
Reporter
“Selection Sunday,” when the NCAA decides which 68 teams will play in the men’s college basketball tournament, also marks the beginning of a lot of sports wagering among some fans. This year, Americans are expected to wager a total of $9.2 billion on “March Madness,” according to the American Gaming Association, a national trade group that represents the U.S. casino industry.
Because so many people place bets on games through unregulated channels, in the form of office pools or even illegal bookies, it’s difficult to estimate just how much is spent on March Madness bets in total; illegal sports betting was nearly a $150 billion business in 2015, the organization said. The $9.2 billion figure is an estimate of legal and illegal bets combined.
In March of 2015, those betting on March Madness spent an estimated $262.9 million legally in Nevada casinos alone, according to Michael Lawton, a senior research analyst at the Nevada Gaming Control Board, a division of the Nevada Tax Commission.
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<!-- Caption outside of wrapper for normal article images --><figcaption></figcaption></figure>That month saw the highest dollar amount spent on basketball wagers in Nevada’s history, Lawton said. Including NBA basketball, those betting spent $375.5 million, up from $343.4 million in March 2014. The same trend is likely to continue nationwide this March, the American Gaming Association estimates; in 2014, Americans spent $9 billion on March Madness wagers.
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The boost is likely thanks to technological advances in the betting world, including more sites that make it possible to place bets on computers and mobile phones in Nevada, plus opportunities to bet not only on games’ outcomes, but also specific stats reached or plays made within games, Lawton said.
“You could do it from home,” Lawton said. “You have a casino in your pocket.”
And although it’s being debated whether fantasy sports sites can be considered “betting” (the argument is whether or not they’re a game of skill, and they’re already banned in some states, including New York), the popularity of fantasy sites has likely helped overall national interest in watching sports, he said.
</article>
This is how much Americans will spend betting on March Madness games
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By Maria LaMagna
Published: Mar 16, 2016 12:25 p.m. ET
Share
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The amount is close to the GDP of several small nations
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<figcaption>Wichita State vs. Indiana during the 2015 NCAA men's basketball tournament.</figcaption></figure>
MariaLaMagna
Reporter
“Selection Sunday,” when the NCAA decides which 68 teams will play in the men’s college basketball tournament, also marks the beginning of a lot of sports wagering among some fans. This year, Americans are expected to wager a total of $9.2 billion on “March Madness,” according to the American Gaming Association, a national trade group that represents the U.S. casino industry.
Because so many people place bets on games through unregulated channels, in the form of office pools or even illegal bookies, it’s difficult to estimate just how much is spent on March Madness bets in total; illegal sports betting was nearly a $150 billion business in 2015, the organization said. The $9.2 billion figure is an estimate of legal and illegal bets combined.
In March of 2015, those betting on March Madness spent an estimated $262.9 million legally in Nevada casinos alone, according to Michael Lawton, a senior research analyst at the Nevada Gaming Control Board, a division of the Nevada Tax Commission.
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<figure class="article-figure NS">
<!-- Caption inside of wrapper on slideshow media types -->
<!-- Caption outside of wrapper for normal article images --><figcaption></figcaption></figure>That month saw the highest dollar amount spent on basketball wagers in Nevada’s history, Lawton said. Including NBA basketball, those betting spent $375.5 million, up from $343.4 million in March 2014. The same trend is likely to continue nationwide this March, the American Gaming Association estimates; in 2014, Americans spent $9 billion on March Madness wagers.
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The boost is likely thanks to technological advances in the betting world, including more sites that make it possible to place bets on computers and mobile phones in Nevada, plus opportunities to bet not only on games’ outcomes, but also specific stats reached or plays made within games, Lawton said.
“You could do it from home,” Lawton said. “You have a casino in your pocket.”
And although it’s being debated whether fantasy sports sites can be considered “betting” (the argument is whether or not they’re a game of skill, and they’re already banned in some states, including New York), the popularity of fantasy sites has likely helped overall national interest in watching sports, he said.
</article>
