Four Days of March Madness Generates More Than Entire Political Campaign
The popularity of sports betting in the U.S. is growing by the day. The conservative estimates are that over 40 million people across the U.S and Canada indulge in some form of sports betting. It does not surprise anyone that fantasy sports betting companies like FanDuel and DraftKings are valued at over $1 billion dollars. An interesting article in the Washington Post gives us an idea of just how big the sports betting sector really is.
The article points out that about $7 billion was spent on the entire 2012 election pales. While this sounds an astronomical amount, it pales in comparison to sports betting. This month’s March Madness NCAA Tournament has seen record wagers being placed. It is estimated that the same amount of $7 billion was gambled from Monday to Thursday in the last week alone.
To put it in simply in four days of March Madness Americans spent more money gambling than the entire 2012 Republican election pale. Even more interesting is the fact that that over 40 million people are responsible for this amount which means about 12.6 percent of the population of 316 million people gambled in the NCAA Tournament.
In contrast about $3.7 billion was spent and raised on the 2014 mid-term elections. This sum was raised from just 666,773 individuals which means only about 0.2 percent of the population. Bottom line is that Americans are spending billions on sports betting whether legal or illegal. The growing debate over whether sports betting will be legalized is becoming rather farcical as the politicians cannot ignore the fact that average Americans far prefer to have a bet on their favorite team than getting involved in politics.