The March Madness brings along the online betting fever. Right from college students to office goers, almost everybody gets onto the net and places a bet. The FBI estimates that over $2.5 billion is wagered on the NCAA tournament with only $80 million betting done legally. That goes to show the amount being gambled illegally!
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The FBI estimate may just be the tip of the iceberg. Independent observers believe that the amount being wagered on basketball is much higher. They may be right because in 2003, 1.6 million bets were placed on the NCAA tourney through wagering outlets. The value of this bets was $96 million.
Most of the betting today is being done online, and the average size of the best is $50. This is quite large by any standards. This is because it is much easier to place a bet on an online site. The individual does not have to wait for a bookie to pick up the phone, and identify him. He can simply go online, and place a wager. There is no one to ask him uncomfortable questions.
On an average, the March Madness fans spend around 1.5 hours every week on the net, seeking information about basketball games or placing bets. A Google search for words like bet, NCAA and basketball threw up as many as 342,000 different betting-related sites. Clearly, basketball betting has gone through the roof.
Most of these sites lure potential betters by promising inside information. The stakes are very high, and sometimes-even teams agree to perform poorly because they have been offered a good amount to lose the match. This turns the fun sport into a spoiled sport.
The NCAA has strict rules regarding leakage of inside information by basketball officials. But the lure of easy money is too high. This can be seen from a university of Michigan study done in 2000. The study, which quizzed basketball and football, sports officials found:
• More than 84 percent admitted they had gambled since becoming an official.
• Forty percent of those responding said they had bet on sports.
• Almost 23 percent said they had wagered on the NCAA Tournament
• Twelve of the 640 admitted knowing an official who had called a game
Clearly, online betting has become a dangerous phenomenon. It has started affecting student behavior. Even offices are not immune to betting on basketball games. Almost every office has a basketball pool. Many office goers go on the net during office hours to place bets.
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