‘Insanity of 10 billion-dollar betting in NCAA’

An analysis has revealed that bets worth an astronomical amount have been made in the tournament of 64 teams in Division 1 of NCAA men’s basketball, not NBA games. The tournament of 64 strongest teams is called “Insanity in March” because it reportedly drives the entire U.S. into basketball fever in March every year.

Citing data estimated by the American Game Association on Wednesday, newspapers including the Chicago Tribune reported that the combined value of stakes betted in accurately picking winners and losers dubbed “insanity in March” amounts to 9 billion dollars. Picking right winners and losers is to predict the results of 67 games (63 tournament games including the final match, and four final matches for advancing to the round of 64 strongest teams played by the lowest ranking eight teams).

AGA estimated that individuals have betted an average of 29 dollars in the tournament per match per person in this tournament. AGA said more than 40 million people joined bets, and when including bets made by organizations and companies, the combined value of bets amount to 9 billion dollars.

U.S. President Barack Obama, an avid basketball fan, has also reportedly participated in the betting. Obama picked Kentucky, Arizona, Vilanova, and Duke universities as the strongest four teams, and predicted that Kentucky will win the championship.

The University of Kentucky swept all 34 games in the southeastern conference in this season. The university received No. 1 seed overall and was placed as No. 1 in the Mideast district in the tournament of 64 strongest teams. If the university wins all six games from the games of 64 strongest teams to the final games, and thus wins the title with 40 wins and no loss, it will come to set a new record in 39 years since Indiana University in 1976. The final game of the tournament of 64 strongest teams will take place in Indianapolis on April 6.