Illinois projected to bet $188m on NCAA basketball tournament

The NCAA men’s basketball tournament has begun in the US, and analysts believe this year’s event will attract more bets than ever in Illinois.

US.- Bettors in Illinois are expected to wager $188m on the NCAA basketball tournament this year.

Betting expert Nick Wojcikm from the website Odds.com said: “I wouldn’t be surprised if some states see all-time records”.

The Fighting Illini of Illinois is one of the favourites to win, along with the Loyola of Chicago, but Illinois bans betting on in-state college teams.

It’s been argued that state revenues could be higher if betting on in-state college teams was legalised.

Joe Boozell, an analyst for PlayIllinois.com, hopes that may change. He said: “I’m not going to say it will, but there is optimism that it could be changed by next football season which is great, and that means by next year’s March Madness it would be changed.”

Boozell argues that the law causes Illinois to lose out on tax revenues.

He said: “In general, sports books do make money off of March Madness and it’s taxed so the state makes money off of it, so it definitely impacts the consumer but also the operators and the government as well.”

Illinois generated $581.6m in wagers in January, breaking previous records in the state. The state received $7.2m in taxes under the 15 per cent rate on gross adjusted revenue – the amount left after winnings have been paid.

Lawmakers gave casinos a tax break during the pandemic.