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

Posted at 10:46 AM, Mar 12, 2018
and last updated 2018-03-12 14:05:22-04

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.

RELATED: Where to watch NCAA Tournament in Las Vegas

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.