NCAA March Madness tops Super Bowl in gambling

Casino Watch Focus reported that the Super Bowl is know as the largest gambling sports event pointing to over $8 billion in gambling each year since 2007.  This year the estimate gambling amount grew to over $10 billion.  Casino Watch Focus also reported that NCAA March Madness would result in billions of dollars lost in gambling and work place productiveity as millions of people followed the Tournament from 68 teams to the eventual final Champion Kentucky Wildcats.  Apparently, the gambling on the NCAA Championship tournament has now passed the Super Bowl as the number one sports gambling sporting event.  The USA Today explains:

March Madness is beating out Super Bowl as the biggest sports betting bonanza of the year, according to sports gambling experts in Las Vegas. Super Bowl traditionally ranks as the No. 1 event for sports bettors. But bracket betting fever continues to grow. March Madness is now No. 1, says Jay Kornegay, manager of the LVH Race and Sports Superbook in Sin City.

Nevada doesn’t break out NCAA basketball betting vs. NBA betting. But the state’s legalized sports books typically see a $100 million jump in total basketball betting every March, Streshley says. In 2011, gamblers wagered $256.6 million on college/pro basketball in March vs. $114.3 million in February. With the Big Dance wrapped over by early April, the basketball handle for that month then dropped back to $78.2 million.

Of course, the money bet legally on March Madness is peanuts to the amount wagered illegally through offshore sports books, street corner bookies and office bracket pools. Over $12 billion total will be on 2012 March Madness compared to $10 billion for the 2012 Super Bowl, estimates RJ Bell of Pregame.com.

If you know someone who has become snared in the sports gambling net, please utilize one of any gambling addition resources.  A recent Casino Watch Focus article points to a new online site to help combat NCAA gambling.  Check it out at www.CollegeGambling.org.

For more information on the dangers of gambling, please visit CASINO WATCH & CASINO WATCH FOUNDATION

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