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March 15, 2016

March Madness betting slated to increase this year

PHOTO | antpkr at FreeDigitalPhotos.net

March Madness will once again have a strong impact on the economy. More than $9.2 billion is expected to be wagered – up from $9 billion in 2015.

Of the $9.2 billion, 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.

That’s pushing the American Gaming Association, which represents commercial and tribal casino operators, to seek to expand sports betting in the United States. By comparison, the casino industry generated $240 billion in revenue in 2015.

According to the AGA, the total number of brackets Americans will complete – more than 70 million this year – will likely surpass the number of ballots voters cast for Donald Trump, Hillary Clinton or any other single presidential candidate in the November election.

In 2012, 65 million Americans voted for President Obama while 61 million voted for Mitt Romney. No presidential candidate has ever received 70 million votes. (Obama came closest when he received 69 million votes in 2008.)

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