Billions of dollars are expected to be wagered on games and player performances during the NCAA March Madness basketball tournaments.
“It is probably second to the Super Bowl, as being one of the biggest gambling events engaged in, in the United States,” said Dr. James Whelan, executive director of the Tennessee Institute for Gambling Education and Research. “People are very dedicated to their college allegiances, even if they never went to college there. They’re dedicated to it. And that, emotionally, can color how people engage in betting, as well as engage in putting pressure on others related to betting.” He said that people are more likely to bet on their favorite teams — betting on the passion they have for the game. However, Whelan warned that college students are more likely to bet on college sports than many other groups.
“When we talk about college students, the history shows that college students are much more likely to experience harms, or problems due to their gambling than do other age groups or most adults,” he said.
An NCAA survey found that around 60% of respondents between 18 years old and 22 years old have bet on sports, and around 41% put a bet on their school’s teams.
“The idea of picking a bracket, bragging about it, finding the underdogs, are part of the way that college students today grew up, and we combine this with several years where gambling, particularly sports betting, has been very normalized,” said Whelan.
The American Gaming Association said adults are estimated to wager around $2.72 billion during men’s and women’s March Madness tournaments. “To give an opportunity for the sports fan to support their favorite team, but not only that, stimulate the income and the growth that it can give to our state,” said Rick Staples, a former state representative who supported legalizing sports betting in Tennessee.