The total gambling tally on this year's event, which features the country's top 68 college basketball teams, is expected to exceed $10 billion, the American Gaming Association said Monday. This is how the wagers placed in an illegal way seriously harm the industry and rob gambling developers from the opportunity to invest the generated income into future projects. That includes 24 million who filled out basketball brackets pools and spent $2.6 billion on entry fees.
Some of them are to the likings of West Virginia, which greenlighted a bill, which will make single-game sports betting legal, as well as the state of NY, planning to hold a sports wagering legislation discussion soon.
The group found 54 million people - or about a quarter of the USA adult population - participated in a sports betting pool a year ago, spending $18 billion on entry fees.
The Supreme Court of the United States (SCOTUS) is to deliver its verdict later this year on the Christie v NCAA case, which sees the state of New Jersey challenge PASPA's constitutionality and has the potential to open up legal sports betting across the US. Enforcing those laws, however, has not been a priority for law enforcement.
"The failed federal ban on sports betting has created an illegal, unregulated sports betting market that offers zero consumer protections and generates zero revenue for state and tribal governments", Freeman adds. Only $300 million of that, or about 3 percent of the total figure, will be bet legally through Las Vegas sports books. According to the data which was issued, as many as 54 million people, amounting to 25 percent of the adults in the United States, have participated in a sports betting activity.
The Council on Compulsive Gambling of New Jersey says "sports betting is a cause for concern".
Almost 25 percent of the US adult population admitted to participating in a sports betting pool in 2017.
Will Have to Manage My Workload Going Ahead, Says Virat Kohli
Kohli last played in a second T20I against South Africa last month and is now on a well-deserved break from worldwide cricket. Kohli, who was already in a relationship with his now-wife Bollywood actress Anushka Sharma, wasn't happy, it turns out.
Toys 'R' Us Going Out Of Business, Closing All Stores
The bleak situation lends evidence to the notion that Toys R Us is moving toward winding down its USA operations for good. Company executives have said those stores would begin liquidating inventory in February and be closed by mid-April.