Although still illegal in many states, sports’ betting gives out a large pay check at the end of the day. In total, about $500 billion is wagered on sport betting each year in the United States. Only a handful of States in the US have legalized sports betting; those being Nevada, Delaware and Montana with New Jersey close behind.
An estimated $3.2 billion was wagered in sports betting in the Nevada casinos. Of that, $1.34billion was placed on football alone. According to American Gaming Association, Football fans bet about $98million on Super Bowl at Nevada casinos. The Nevada sports books earned about $7 million after paying out.
According to a financial planning website called Mint, an estimated $8 billion is bet on the Super Bowl every year. They state that an estimated 200 million people make wagers on the final score of the game internationally. According to CNBC, around $60 billion is gambled on college football each year, none of which is done legally.
The FSTA, Fantasy Sports Trade Association, provided information showing that around $1.18 billion is exchanged between hands through fantasy football pools each year. About 33 million Americans participate in the online game in which one creates an imaginary football team using real football players and earns points based on the player’s actual performance on the field. Besides football, a further $30-40 billion is illegally bet on MLB, Major League Baseball, annually. Baseball is not an ideal sport for bets as it lacks point spreads.
The Federal Bureau of Investigation estimates between $30 and $40 billion is illegally placed on the line for March Madness, a 3 week postseason basketball tournament.
A staggering 25 percent of illegal basketball betting comes during March Madness, says CNBC.
Sports books reckon that only 4 percent- between $80 and $90 million- is bet on the tournament legally through Nevada’s sports books according to the AGA, American Gaming Association.
A chance of filling out a perfect bracket is about 1 in nine quintillion if each game were a true toss-up in the tournament, according to USA Today.