THE NCAA DIVISION 1 MEN'S BASKETBALL Tournament, which just got underway, is the pinnacle of college sports, an annual all-American rah-rah celebration of athletic competition. The Big Dance. The Final Four. March Madness! It is also, increasingly, a chance for a lot of people to bet a lot of money.
From the casual fun of picking brackets for an office pool, the tournament has evolved to become "America's most wagered-on competition," according to the American Gaming Association, an industry group, surpassing even the Super Bowl in numbers of bets placed. This year the AGA expects the college hoops contest will attract $15.5 billion in bets from 68 million Americans, a huge increase from last year when the group estimated 45 million people would bet $3.1 billion. The driving force behind that stunning five-fold jump, the AGA says: the growing popularity of legal online sports betting.
Since a Supreme Court ruling opened the door in 2018, legal sports betting has exploded in the U.S., fueled by easy access through online apps and expensive, star-studded ad campaigns for online sportsbooks. Some 36 states have passed laws to allow gambling on sports, another eight are considering it and more than half of American adults-146 million people now live in a live, legal sports-betting market. The result: record-breaking revenue for the betting companies, a tax windfall for states and a sharp and troubling rise in serious gambling problems and addiction. It's a trend that experts believe may rapidly worsen, given what is known about the trajectory of compulsive gambling and the experience of countries that have had legal sports betting in place far longer than the U.S.
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