NORFOLK, Va. — March Madness is back, and this year billions of dollars will be at play for the NCAA tournament. The American Gaming Association predicts sports bettors will wager an estimated $3.1 billion on the men's and women's college basketball tournaments, an increase from last year's $2.7 billion.
While sports betting is popular, there are rules to follow depending on where you live.
While folks watching the games might place bets traditionally or through bracket contests, if they live in Virginia they can't bet on in-state teams. The Commonwealth bans all bets involving in-state college teams, such as Norfolk State, Liberty, and VCU. The rule includes point spreads, totals, money lines, future bets, and individual player props.
Watch related coverage: Do you have to pay taxes on sports bets? We looked into it
Proponents of the rule argue it protects Virginia student-athletes from corrupt influences and harassment.
The betting bans only apply to location, however, which prompts some fans to head out of state to make wagers. Some from Hampton Roads might end up in North Carolina to place their bets. The sports betting market there has no restrictions on college betting.
While fun for some, gambling can quickly become a problem for others.
"With more opportunities to gamble, more people are going to gamble and so with that, there's going to be more people who develop problems," Carolyn Hawley, president of the Virginia Council on Problem Gambling told News 3 last year when she spoke about the importance of recognizing gambling problems. "It's much easier for us to prevent the problems from developing in the first place than coming in and trying to repair people's lives and families' lives after so much devastation happened."
Watch related coverage: Sports bettors in Va. & N.C. ready for 2024 NCAA tournament
She noted that online sports betting and casinos have led to the most instances of problem gambling, particularly impacting young men.
According to an NCAA study, the population of young gamblers is growing too. The study shows two-thirds of college students between 18 and 22 have bet on sports, even though most states—including Virginia and North Carolina—require bettors to be 21.
Hawley said signs to watch for include: spending more time or money than planned on gambling and prioritizing gambling over other activities, like spending time with loved ones.
She emphasized that treatment can help.
If you or someone you know has an issue, the National Problem Gambling Helpline is available 24/7 at 1-800-GAMBLER.
More resources can be found on the Virginia Council on Problem Gambling website.
