The Amount Of Money Americans Will Spend Betting On March Madness Will Surpass The Entire GDP Of Some Countries
It’s that time of year again, bros. Right now you’re probably poring over expert picks, researching probabilities, doing advanced algorithms you never knew you knew–all to win that office March Madness pool and give yourself a little financial breathing room for once. But, in all likelihood, Kathy from HR will take home the kitten caboodle based on which teams have the best color scheme and the cutest players. Life’s a bitch. No worries, though–we’ll all die soon anyway. Phew.
But since us bros are insane creatures, we’ll shell out a week’s paycheck to buy into several March Madness pools because you can’t take money with you when you die. Relatively soon. Like I alluded to above. And the amount of money we will collectively spend could buy us nearly 10 NBA franchises.
As For the Win dug up:
The American Gaming Association (AGA) is estimating that Americans will wager $9.2 billion on March Madness this year. The number marks an increase from 2015, when fans and casual observers alike bet $9 billion, through office pools, Nevada sports books, illicit offshore sites and illegal bookies.
Of that, 66% will be bet illegally.
Of the $9.2 billion that will be wagered this year, only about $262 million will be bet legally at Nevada sports books. The total illegal sports betting market in the United States grew to $148.8 billion in 2015.
Buffalo over Weber State in the championship. Just bet my future child’s college tuition on it. You heard it here first.
[h/t For the Win]