CHICAGO (CBS) — The South Carolina Gamecocks are the new champions of women's college basketball. Purdue and UW will face off on Monday for the men's NCAA championship. Billions of dollars have already been bet on this college basketball postseason.
The American Gaming Association estimates that $2.72 billion will be wagered during March Madness. That's nearly twice as many as this year's Super Bowl.
Robert Santana, who specializes in casual sports, said, “It's kind of fun. It gives me an adrenaline rush.''
“That's what makes the game fun, isn't it?” said another. “He doesn't have anything in the game, he throws $10 at a game he's not interested in, and all of a sudden he starts watching the game.”
“It's clear that millions of Americans are moving from illegal offshore markets to legal sports books,” said AGA's Kate Devern. “It generates tax dollars for our communities that go toward critical needs in each state.”
What's not growing as fast is iGaming. So far, only a handful of states have legalized it, allowing users to play online slots and casino table games from the comfort of their home without ever setting foot in a brick-and-mortar casino.
DaBaun said the state is missing out on about $4 billion in annual tax revenue on the illegal iGaming market.
“Americans bet $340 billion annually on illegal iGaming websites, which is a concern as well as the consumer protections that come with a legal, regulated market,” she said.
“Illinois has begun to consider legalizing online casinos, which would reintroduce online poker, online roulette, and live dealer products,” said iGaming attorney Jeff Ifler.
Ifrah specializes in online gaming and has also founded an industry group to educate lawmakers about iGaming.
Illinois has introduced a bill to legalize online gaming, but it has not received much attention.
“This is certainly an area that has the potential to bring new revenue to the state of Illinois,” Ifler said. “We're talking about hundreds of millions of dollars in tax revenue.”
He said some land-based casino operators are concerned about the loss of revenue if people actually stop playing at traditional casinos.
A study commissioned by Ifrah debunked that theory.
“I'm someone who hasn't gambled in over 12 years,” said Elizabeth Thielen, senior director of NIcasa Behavioral Health Services.
She said she had struggled with a gambling addiction. She is currently a licensed counselor specializing in gambling disorders. She also works to educate college athletes about the risks of gambling.
“It's the first time I've seen the sport get better, the sport get better, the sport get better. Before it was just a small part of our practice, now it's becoming a very big part of our practice. ” she said.
Thielen said the ease and accessibility of betting on mobile phones contributes to the number of problem gamblers she treats. That's why she says she's concerned about the potential expansion of online gaming.
“I don't think online iGaming should be considered because young people are being affected. Let's remember that this is a potentially deadly condition,” she said.
According to the state of Illinois, the state help hotline received more than 14,000 calls from July to February of this year, compared to just 1,100 calls during the same period four years ago.
“Gambling disorders affect so many people, and they suffer in secret,” Thielen said. “I know how you feel. It was very lonely. I was confused and hurt.”
If you are struggling with gambling or would like additional resources, log on to areyoureallywinning.com or call the national hotline at 1-800-GAMBLER.
