March Madness About to Launch Annual Gambling Craze

Only five days remain till the kickoff of the biggest betting event of the year: the NCAA College Basketball Tournament, otherwise known as "March Madness". It was estimated last year that $7 billion were wagered both legally and illegally, eclipsing even the Super Bowl as the biggest sports gambling event of the year.

Although the only legal sports books in America reside in Nevada, home to Las Vegas, it is also estimated that more than $3 billion is wagered in office pools, along with billions more in sports books both online and offshore.

On Selection Sunday, sixty-five teams will be chosen by the NCAA Selection Committee. Minutes later, the "madness" will ensue with tens of millions of people around the country filling out tournament brackets and even casual fans participating in their office pool. The tournament begins on Thursday, March 20 and culminates with the championship game on Monday, April 7.

Many online gambling sites offer contests during the selection process. Online sports book BetUs.com will offer a $1 million prize to anyone who correctly guesses the make-up of the bracket and its 65 teams before it is announced on Sunday. While no one has won this prize to date, some have come within a few incorrect picks.

The four #1 seeds are expected to come from this small group of schools: Memphis, Tennessee, Texas, UCLA, Duke, and Kansas.

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