When it comes to wagering on sports, most people think of the Super Bowl as the mecca of money loss. However, in regards to sheer volume of bets and money wagered, the NFL’s big game can’t hold a candle to March Madness. College basketball’s yearly parade of athletic prowess has all the ingredients every gambler needs for a good time. Options. Upsets. Odds. For these reasons and more, March Madness is the king of gambling events.
Most estimates of how much money is legally wagered on the tournament through legal sports books in range from $90-$100M. Those may be very frugal though. A story published by the Dallas Morning News puts the figures closer to the $227M mark. That number dwarfs the record $119 million that was wagered on this year’s Super Bowl, the GOATbowl. You picked the wrong sport, Thomas Brady!
That’s what the books are legally accounting for, but how about your Uncle Sal and the guys at the “club”. How much cheddar are they bringing in? The FBI estimates a staggering $2.5 BILLION, with a friggin’ “B”, changes hands illegally every year during the tournament. I’m not accusing your goodfella Uncle, I’m just saying, that’s a lot of cannoli’s.
As crazy as those numbers are, they only take our own countrymen into account. How about the gambling inclined from other countries?
You may want to sit down for this one, because according to R.J. Bell of pregame.com, those numbers top $12 billion worldwide. Our college ballers are a booming business overseas!
So, what are the factors influencing these staggering numbers? First, it’s the number of opportunities that gamblers have to blow their wad. There are 67 games during the tournament running from sunup to sundown and beyond. Within all those games, there is an endless amount of bets per game, from spreads, to totals and even more exotic prop bets. Lose your savings on the first game? You’ve got 5-6 more TODAY to make it up and so on…
In all the insanity, it’s the Final Four that gets most people riled up and excited. Those are the biggest games with the best teams. However, it’s the first weekend of the tournament that gets Vegas all hot and bothered. During the first weekend of the tournament in 2016, Vegas saw its best weekend as far as hotel occupancy, holding at a mind-blowing 97.9%. This is also when the majority of betting takes place, obviously. The betters pack in to gambling houses, sipping their bottomless Jack and cokes, slinging more Benjamins than your college history professor.
In the midst of all this madness, there is one thing the odds makers and gambling pros agree on: A Cinderella may make a good run, but if you want to keep your balance in the green, stick to the favorites. Remember, when you’re going for the big payday, a #16 has never beaten a #1, but the rest is up in the air.
Whether you’re hoping a Cinderella story pays for your vacation or you just enjoy the camaraderie one thing is for sure, March Madness is one helluva time to be a sports fan.
Now that you understand the insanity you’re in for, here are some current odds for some of the tournament favorites. Wager at your own risk:
North Carolina & UCLA 6/1
Kansas 7/1
Gonzaga 8/1
Villanova 10/1
Duke 11/1
Kentucky 12/1
Oregon 14/1
My favorite:
Gonzaga
My sleeper, based on completely scientific and 100% sober research:
Arizona
Let the games begin! Also, these statements are not endorsed by or insured by myself or theCHIVE in any way.
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