March Madness set to generate $2.7B in bets

March Madness set to generate $2.7B in bets

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March Madness set to generate $2.7B in bets

A massive event, the March Madness basketball tournament features 136 NCAA teams participating in 134 games.

Sports bettors and the companies that handle their wagers stand to gain greatly from this fantastic opportunity. Thirty-eight states have legalized sports betting since the US Supreme Court declared in 2018 that it was acceptable for governments to permit such activities. Of those states, thirty allow internet betting.

Sports betting was legal in only one state before to 2018: Nevada. However, following Nevada’s lead, other states began to permit it after the Supreme Court’s ruling. More states than ever before will allow wagering on March Madness events this year. Online betting has recently been permitted in North Carolina, and it has also recently become lawful in Nebraska, Kentucky, and Florida.

There are laws governing sports betting in every state. Certain states prohibit wagering on their own teams or on the performance of individual athletes. They are concerned that players may be under too much pressure from this type of betting. Such wagers are legal in other jurisdictions, but there are regulations in place to prevent participants from using dishonest tactics to win bets.

This year’s March Madness tournament is predicted to generate over $2.7 billion in wagers, making it the largest sports betting event in the United States. This surpasses the amount gambled on the Super Bowl. Companies that provide sports betting are prepared for a hectic few weeks as fans eagerly anticipate watching the games to see whether their favorite teams win.

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