Industry: $10B will be bet on March Madness, most illegally

ATLANTIC CITY, N.J. (AP) — America’s gambling industry predicts $10 billion will be bet on the March Madness college basketball tournament – nearly all of it illegally or off-the-books.

That’s one of the reasons the American Gaming Association favors the full legalization and regulation of sports betting in the United States.

The group found 54 million people – or about a quarter of the U.S. adult population – participated in a sports betting pool last year.

The U.S. Supreme Court is weeks away from ruling on New Jersey’s challenge to a law limiting legal sports betting to just four states: Delaware, Montana, Nevada and Oregon.

AGA President Geoff Freeman says only 3 percent of the $10 billion the group predicts will be wagered on the games will be done through legal Nevada sports books.