An analysis commissioned by the Campaign for Fairer Gambling claims that $4.3 billion worth of illegal and untaxed wagers were placed on the recently completed NCAA men’s and women’s tournaments, accounting for nearly two-thirds of all handle placed on college basketball’s signature events.
The monitoring, done by YieldSec, showed points where more than 70% of sports wagering-related social media posts and video content were directing audiences toward what it called “illegal betting and gambling operators.” The analysis estimates 43.1 million people — nearly 1 in 7 in the United States — had some sort of interaction with illegal gambling.
“This YieldSec special report illustrates the dire need for a comprehensive strategy to tackle illegal gambling in the U.S.,” said Derek Webb, Founder of the Campaign for Fairer Gambling, in a statement. “The lack of a united government approach and lax oversight by states have only compounded the problem, enabling entities with dubious backgrounds to operate freely. It’s high time for U.S. leadership to spearhead a unified solution to this pervasive issue.”
The CFG estimates that $6.7 billion was wagered on the NCAA tournaments, with only $2.4 billion of that — approximately 36% — being bet legally.