Bettors plan to wager $8.5B on this year's NCAA men's basketball tournament.

Byline: Jessica Perry

The NCAA Tournament bracket was revealed on March 17, officially tipping off one of the largest sports betting holidays in the United States.

The American Gaming Association predicts that one in five adults in America plan to place a bet on this year's "March Madness" college basketball tournament, according to a new survey released Monday.

This year marksthe first March Madness since the U.S. Supreme Court's ruling in May 2018 lifting a ban on sports betting.

More than $5.9 billion has been wagered in the now-eight states which allow legal, regulated sports betting, which has enabled consumer protections and generated tax revenue for state, local and tribal governments across the country, the AGA said.

Key findings from the Morning Consult conducted survey include:

$4.6 billion will be wagered on a collective 149 million brackets by more than 40 million people;

Nearly 18 million people will wager $3.9 billion at a sportsbook, online, with a bookie or with a friend;

1 million people will place a bet at a casino sportsbook or using a legal app;

4 million people will bet illegally with a bookie; and

2 million people will bet online, likely at illegal offshore sites.

The plurality of bettors favors Duke to win, at 29 percent, followed by Gonzaga, at 9 percent...

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