NEW BLOOMFIELD — March Madness kicks off Thursday and the bets on the NCAA Men's basketball tournament are expected to go above and beyond.

The American Gaming Associated reported that 47 million people plan to place bets on the men's tournament. According to a new survey by AGA released on Monday, Americans plan to wager $8.5 billion on this year’s NCAA men’s basketball tournament, with 1-in-5 adults placing a bet.

Key findings from the survey, conducted by Morning Consult, include:

$4.6 billion will be wagered on a collective 149 million brackets by more than 40 million people

Nearly 18 million people will wager $3.9 billion at a sportsbook, online, with a bookie or with a friend
4.1 million will place a bet at a casino sportsbook or using a legal app
2.4 million will bet illegally with a bookie
5.2 million will bet online, likely at illegal offshore sites.
The survey revealed that majority of bettors are in favor of Duke to win, followed by Gonzaga, North Carolina, Kentucky, Virginia and Michigan. 

Since the U.S. Supreme Court’s ruling in May 2018, more than $5.9 billion has been wagered in the now-eight states with legal, regulated sports betting, enabling consumer protections and generating valuable tax revenue for state, local and tribal governments across the country.

Sports betting legalization is currently being considered in 23 states across the country.

State gaming officials during the Super Bowl said fans in Missouri needed to refrain from placing bets on the big game.

Missouri Gaming Commission General Counsel Ed Grewach, said last May's ruling by the U.S. Supreme Court in Murphy v. National Collegiate Athletic Association did not legalize sports gambling. He said it struck down a federal law that prohibited states from legalizing the practice. For now, Grewach said sports gambling of any kind remains illegal in Missouri. He said that technically includes even informal betting pools such as tournament brackets.

State lawmakers currently are considering several proposals to legalize sports gambling. A Senate panel debated one such measure Thursday morning. That same day, reporters asked Gov. Mike Parson about the gambling issue during a Missouri Press Association event at the Governor's Mansion. Parson did not indicate where he personally stood on the matter but said sports gambling most likely is coming. He said he would leave the questions of whether to legalize it and how to regulate it up to lawmakers.

According to the American Gaming Association, a trade group that represents the casino industry, eight states currently allow sports betting. Arkansas, Oregon and the District of Columbia have passed legislation legalizing it but that legislation is not yet in effect. Missouri is one of 18 states where lawmakers are actively considering legalizing sports betting.

The measures currently before lawmakers currently have an effective date of Aug. 28 if they become law. 

This article is a reprint from Krcgtv.com   To view the original story and comment, click here.