March Madness betting trends
According to the American Gaming Association (AGA), Americans bet over $10 billion on March Madness games every year. Up until this year, roughly $9.7 billion of the money was bet .
Since New Jersey and six other nations have joined Nevada in launch legal sports gambling before the 2019 NCAA Tournament, that number is about to change significantly.
Although, the AGA also estimates 10% of Americans age 21 and older, close to 24 million people, wager nearly $3 billion on March Madness mounts through office pools and so on.
Office pool brackets that are paid are contrary to the law in most states. But this type of NCAA March Madness is so ingrained in American culture that the amounts aren’t likely to change anytime soon.
Taking it further, Forbes Magazine estimates the percent of individuals that will put a minumum of one wager across the globe on the NCAA Championship might be more than 100 million.
The road to March Madness
Prior to the road to March Madness starts college basketball teams normally play with with a season of around 29 games.
A total of 68 teams have been selected by the NCAA to play or play their way.
The first 32 are automatic bids awarded to the teams that win their respective conference championships, held following the regular season.
Incidentally, you can bet on regular season and conference tournament games at NJ sportsbooks too, provided the games don’t occur in NJ or demand NJ-based schools.
The remaining 36 teams are bids picked by the NCAA Selection Committee.
The at-large bids are typically awarded to top-ranked teams along with others who had a great regular season but failed to win a conference championship.
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