The American Gaming Association is expecting some $8.5 billion to be wagered on the 2019 NCAA Men’s Basketball Tournament.
This startling figure, the AGA has disclosed, is the estimate that resulted from a study it recently commissioned.
The study also revealed that about 47 million Americans are expected to place March Madness bets in one form or another.
The College Tournament has traditionally been the most lucrative wagering markets in Nevada where sports-betting has always been legal.
However, for states like New Jersey where sports betting only became legal in mid-2018, March Madness will be a first.
The study was undertaken between March 1 and 7 by Morning Consult in the eight states where sportsbooks are now legal
Some 5.2 million punters expected to place illegal bets offshore
According to the study, 2.4 of the 47 million intend betting illegally with a local bookie, and 5.2 million “likely at illegal offshore sites.”
While acknowledging that even office pools are technically illegal, Sara Slane said the AGA’s focus remained on curtailing illegal offshore betting.
“We’re not looking to be the fun police,” said Slain, a senior vice president of public affairs for the AGA. “That’s not our objective.
“Clearly, people enjoy betting on the bracket and doing office pools. This is such a massive part of our culture.
“People enjoy betting on sports. I think that’s why you’ve seen such a wide range of acceptance of it throughout the United States.
“And then secondarily, it highlights the fact that, yes, while it may have been illegal, there’s an opportunity now to make it legal. It can now be regulated. Lost revenue can be recaptured.”
US Sports betting has shifted dramatically
AGA president Bill Miller admits that the illegal betting market is still alive. He firmly believes, however, that US sports betting has shifted dramatically since last year’s March Madness
“The opportunity to legalize sports betting outside of Nevada materialized for the first time in more than a quarter century. Seven states (led by New Jersey) moved quickly to capitalize.
“Today’s research certainly validates what most of us have known for a long time. Americans like to bet on sports and Americans do bet on sports.
“With legal alternatives taking hold, those of us who like to bet on sports now have safer ways to engage our favorite teams under the umbrella of consumer protections that regulation provides.”
The survey polled 11,002 adults online, according to the AGA. “Data were weighted to approximate a target sample of adults based on age, race, ethnicity, gender, region and educational attainment,” The margin of error was plus/ minus 1 percent.
Punters, the AGA said, “included those who expect to place a bet online, at a casino or casually with a friend. It would also include office and bracket contestants.”
Last week, New Jersey’s DraftKings and 888sports announced they’d be running office-type bracket games alongside their betting markets.