Daily Archives: March 20, 2020

March Madness Gambling Takes an Unexpected Turn due to Covid-19

Casino Watch Focus has reported on the massive amount of gambling that takes place during the NCAA College Basketball Tournament.  Known as March Madness, its one of the most prominent gambling events next to the Super Bowl. Typically Casino Watch Focus reports on the varying levels of devastation that result from this gambling, however, this year there won’t be an NCAA tournament due to the covid-19 pandemic.  Forbes explains:

The cancellation of March Madness is sad on so many fronts. Beyond the impact of coronavirus (COVID-19) and the health pandemic sweeping across America and the world, millions of fans are missing out on watching and wagering on the NCAA Tournament.

Asher told Stuart Varney of FOX Business Network that the “first three days of March Madness equate to Super Bowl Sunday” in terms of betting activity and volume in Nevada. How much is that? A total of $154.7 million was wagered on Super Bowl LIV in Nevada this year.

Overall, the 2019 NCAA Tournament had approximately $349 million wagered in Nevada according to Nevada Gaming Control Board research analyst Michael Lawton. Sportsbooks across the Silver State took in profits of $36.5 million, which is nearly 7% of the total handle.

The cancellation of March Madness will have a tremendous financial impact on bookmakers and sportsbook operators. You can bet on it.

Whereas it’s very true that the cancellation of the tournament will be felt hardest for those in the tourism industry near these events and certainly those collegiate seniors who will miss out on their last opportunity at an NCAA championship, its clear that there will be countless families spared the devastation that this gambling brings each year.  That’s not much of a silver lining given the overall impact of Covid-19, but it’s one of the few that has presented itself. 

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