97% of March Madness bets to be placed on illegal betting sites

The strict US gambling regulations have once again been the centre of debate concerning whether the current system should be revised or not. The state of New Jersey let the US Supreme Court rule out some changes to the American sports betting system that have to be approved by the American Gaming Association (AGA).

According to AGA, the majority of players are pushed to illegal wagering, spending $150bn per year on sports betting via illegal bookmakers and websites or through betting pools like Big Dance.

Only $300m over a total of $10bn will be wagered legally on next season's NCAA men’s basketball tournament, via Nevada legal bookies.

Geoff Freeman, President and CEO of the American Gaming Association put the blame on the American strict legislation concerning sports betting. These rules need to be updated in order to meet new wagering standards, because they currently turn millions of Americans to illegal wagering, he estimated. “The failed federal ban on sports betting has created an illegal, unregulated sports betting market that offers zero consumer protections and generates zero revenue for state and tribal governments,” said Freeman.

At present only 48 articles on wagering legislation are active to 18 over the 50 states of America. Possible abrogation could create a legal precedent, which may be used according to the legislature’s judgment.

"As the Supreme Court considers the constitutionality of PASPA, AGA is focused on working with all stakeholders to put the illegal market out of business and enable a safe, legal way for American consumers to participate in next year's office pool without fear of prosecution." pointed out.

Given that online betting has boomed over the last years, the American regulatory system has to be revised in order to let American punters to wager legally and safely at the same time and limit corruption.

A few words on March Madness

The March Madness (aka Big Dance) is a single-elimination tournament organized each spring in the USA. This period 68 college basketball teams are compelling for the national championship which started yesterday and will last until April 2nd. The first Mad March was organized back in 1939.