The extent of the wagering and its legal growth in recent years has turned “Selection Sunday” into a massive business.
March 12, 2023, isn’t just any Sunday. It’s “Selection Sunday,” — the day when the NCAA names the 68 teams that will play in the men’s college basketball tournament, as well as the 68-team field for the women’s tournament.
When all is said and done — from office pools and bets with bookies to online gaming — NCAA Tournament time is the focus of billions of dollars in sports wagers. In 2018, the Supreme Court struck down the 1992 Professional and Amateur Sports Protection Act, opening the door to sports gambling across the U.S. States rushed into the space and continue to join.In total, 36 states and the District of Columbia have legalized sports gambling in one form or another. Another nine are considering it.
And, unlike other aspects of American life, this trend seems to cut across the partisan divide. Look again at that map of legalized gambling with the blue and red shading of the 2020 presidential election.Of the 36 states that have legalized sports gambling, 20 voted for President Joe Biden in 2020, and 16 of them voted for former President Donald Trump. Another set of other states from both sides of the political spectrum is considering legalizing it as well.
In fact, since the Supreme Court ruling, more than $2.6 billion in state tax revenues has been raised from sports gambling. Over half of that — $1.5 billion — came from last year alone.
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