Casino Watch Focus has reported on the ongoing problems that come with the NCAA March Madness tournament each year. Millions is lost to employers through a decline in work place productivity and people continue to gamble away money at unprecedented rates. Most of this gambling is illegal and this year the trend continues. ESPN provides some analysis:
Americans are expected to complete 70 million NCAA tournament brackets this year, risking on average $29 per bracket and contributing to the $10.4 billion that will be bet overall on March Madness, according to estimates released Monday by the American Gaming Association.
The $10.4 billion expected to be bet on the tournament includes popular office pools and is up 13 percent from last year’s tournament, the AGA says. Only a small fraction of the money bet on the tournament, around 3 percent, is believed to be wagered legally in the United States. The bulk of the remaining $10.1 billion is placed with offshore sportsbooks and local bookmakers, according to the AGA, which represents the U.S. casino industry.
The NCAA remains steadfast on its objection to gambling on the Tournament. They not only understand the hardships it places on addicted gamblers that cant control the shear volume of risk and loss the can suffer, but they also understand the impact to the integrity of the games at play. ESPN continues:
While gambling on the tournament grows, the NCAA remains opposed to all forms of sports betting — legal and otherwise — and believes it has the potential to undermine the integrity of the games and negatively impact the welfare of student-athletes.
The legality of such gambling continues to be a prominent issue this time of year as many people view office pools as harmless fun. Unfortunately, its anything but and its almost always illegal gambling. ESPN explains:
“Generally, if the office pool charges a fee for entering the pool and awards prizes to the winner(s), then there is a serious question as to its legality. Some states exempt small pools from their gambling laws and regulations,” said Washington, D.C.-based attorney Steven Eichorn of Ifrah Law.
Sports betting is currently legal in only a handful of states, with Nevada the only state permitted to offer single-game wagering, the most popular form. The Nevada Gaming Control Board does not track the amount bet on the NCAA tournament separately, and combines the NBA and college basketball into one “basketball” category on its monthly revenue reports. The spike in action from March Madness is easy to see, though.
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