I was just reading that March Madness is right behind the Super Bowl in terms of dollars wagered. Lots of fans place their bets on the underdog hoping that there’s a Cinderella story like Davidson or on the top dog hoping to have bragging right at the end of the tournament.
Rick Harrow and Karla Swatek of Businessweek.com have a good article on American’s obsession with gambling on March Madness. A Microsoft/MSN survey says that nearly half of Americans will place a bet on the NCAA tournament. This includes office pools, friendly wagers, and legal betting. The amount wagered? 3 billion. Why? We need the distraction….and the money...if we win.
According to the article, a poll taken in 2008 found that among Americans 16 and older at least 50% have placed a bet on sports in the last year. In 2008, Americans spent 300 billion on sports betting. I'd say more, but I have to call my bookie.
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