March Madness is upon us. It’s time to get those brackets filled and bets ready! The matchups were just announced and the only thing I recall is Utah State being my top fav for a first round upset (over Crazy Eyes, Frank Martin and Kansas State). Here’s a quick tease of everything.
I’ll have more when I look at the lines and matchups more in depth. Follow me on twitter for specific picks. If you don’t have the March Madness on Demand App, get it here. If you need a March Madness bracket, go here. Here are some sportsbooks: Sportsbook and Bookmaker.
Sports betting definitely has an effect on an peoples pockets, but Las Vegas’ legal sports betting is have a a nice effect of their economy. At face value it’s a little lower than one might think.
Last October, for example, Clark County’s 109 sports books accepted about $59 million in straight-up wagers on football (both pro and college) a week. They took about $2.9 million more in parlay-card action per week. The books kept more than $2 million a week of the nearly $62 million wagered on football. Multiplied by the 17 weeks of the NFL regular season, that’s more than $34 million of football sports-betting revenue—and that doesn’t include the playoffs.
The vig alone on sports betting at casinos is 10%, so if the books are able to get even money on both sides they should see a nice profit from sports betting. The current pace is well below that at about 3.4%. Still the casinos are making significant money and the winnings should go back to the norm at some point.