NORFOLK, Va. — The NCAA men's basketball tournament is underway and whether or not your bracket is already busted, some people will be looking to cash in through sports betting apps.
"Yeah, I got a parlay going right now," Jordan Ellis who was watching the tournament at Dirty Buffalo in Norfolk, said.
There's an expected $2.7 billion to be wagered over the next few weeks while the tournament is going on.
Christopher Boan, an analyst with BetVirginia.com, said the NCAA tournament is the biggest betting event of the year.
"The collective handle from the four weeks far exceeds what happens in the Superbowl, more so because it's a multi-day event," Boan said.
Boan said that in March 2023, $507,025,619 was wagered in Virginia with $47,106,308 in revenue.
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"Just comparing March 2021 to March 2023 it increased by 63.7%," Boan said. "That tells you that betting interests in Virginia are surging that's not a trend we have seen in a lot of other states."
In Virginia, one restriction that may impact bettors is that you cannot bet on home college teams.
That's not the case in North Carolina which has been operating online sports betting for the last ten days.
"When North Carolina opened up their books, we went down there that day because we wanted to bet on JMU," Ellis said.
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Dr. Michelle Malkin, director of the gambling research and policy initiative at East Carolina University, said she expects that with several North Carolina teams in the tournament, more people will partake in betting.
"There's going to be a large number of people in North Carolina possibly engaging in sports wagering for the first time because they want to bet on the home team," Malkin said.
Those living in North Carolina may also see more ads for online sports betting.
Malkin said there are ways to make sure you stay in the area where you engage in gambling just as an entertainment activity.
"The money you use to gamble should be the same kind of money you would use to perhaps eat a meal out or go to a movie," Malkin said.
She also said it should just remain as a leisure activity and not take over your life.
If you or someone you know may be developing a gambling addiction, you can call the North Carolina Problem Gambling Hotline at 877-718-5543 or text morethanagamenc to 53342.
You can also call the national hotline at 1-800-GAMBLER to find resources in your area.
