March Madness Gambling trends
According to the American Gaming Association (AGA), Americans gamble more than $10 billion on March Madness matches every year. Up until this year, approximately $9.7 billion of that money was bet .
Since New Jersey and six other states have joined Nevada in launching legal sports gambling ahead of the 2019 NCAA Tournament, that amount is about to change appreciably.
Although, the AGA also estimates 10% of Americans age 21 and older, near 24 million people, bet nearly $3 billion on March Madness mounts through office pools and the like.
Office pool brackets that are paid are against the law in most states. However, this kind of NCAA March Madness is so ingrained in American culture the numbers are not very likely to change.
Forbes Magazine estimates the percent of individuals that will place at least one bet across the globe on the NCAA Championship could be more than 100 million.
The road to March Madness
Prior to the path to March Madness starts college basketball teams typically play with with a normal season of around 29 games.
The NCAA selects A total of 68 teams to play or play with their way to the NCAA tournament.
The first 32 are automatic bids awarded to the teams that win their respective conference tournaments, held after the regular season.
Incidentally, you can bet on regular season and conference tournament games at NJ sportsbooks as well, given the games do not occur in NJ or involve NJ-based schools.
The rest 36 teams have been at-large forecasts chosen by the NCAA Selection Committee.
The at-large bids are usually awarded to top-ranked teams and others that had a great regular season but failed to win a conference tournament.