In a recent report published by The Campaign for Fairer Gambling (CFG), shocking revelations have come to light regarding the scale of illegal betting surrounding the NCAA Men’s & Women’s March Madness Basketball Tournaments. The data, compiled by online marketplace intelligence experts YieldSec at the behest of CFG, exposes a staggering $4.3 billion in illegal wagers, far surpassing the legal betting market’s size.
NCAA March Madness Basketball Tournament
Social Media’s Role in Promoting Illicit Betting
The CFG report underscores the significant role of social media platforms in perpetuating illegal betting activities, with up to 73% of sports wagering-related posts and 78% of videos promoting illicit betting operators. This rampant presence on social media highlights the challenges posed by unlicensed operators in the American betting landscape.
Founder’s Concerns and Urgent Calls for Action
Derek Webb, the Founder of CFG, has voiced profound concerns over these findings, emphasizing the critical need for a concerted effort to combat illegal gambling in the US. Webb has pointed out the lack of cohesive government action and insufficient state oversight as contributing factors, allowing dubious entities to operate unchecked.
The Extent of Illegal Gambling Exposure
The analysis conducted by YieldSec estimates that approximately 43.1 million individuals, constituting nearly 1 in 7 Americans, have interacted with illegal gambling content in some form. This widespread exposure underscores the imperative for robust enforcement measures and heightened monitoring to mitigate the proliferation of unlicensed gambling activities.
Unveiling a Network of Illegal Betting Operators
YieldSec’s investigation has uncovered a vast network of 378 illegal sports betting operators actively targeting the American audience, alongside 651 affiliates promoting these illicit operators to US sports bettors. Moreover, a significant portion of social media and video content related to the NCAA Tournaments has been linked to illegal operators, indicating the extensive reach of black market betting.
Calls for Action from Industry Leaders
Ismail Vali, the Founder and CEO of YieldSec, echoes Derek Webb’s concerns, emphasizing the urgent need for enforcement and monitoring to combat the spread of unlicensed gambling operations. The CFG is advocating for a cohesive governmental response, urging key agencies such as the Department of Justice, Treasury, and Federal Trade Commission to address the issue.
American Gaming Association’s Support
The American Gaming Association has joined the call for law enforcement to crack down on illegal betting markets, seeking federal support to combat this pervasive problem. Recent research from YieldSec has revealed that out of $5.37 billion wagered on this year’s Super Bowl, only $1.4 billion was legal, indicating that approximately two-thirds of bets were made illegally, underscoring the black market’s dominance despite the gradual legalization of betting across the US.
The Campaign for Fairer Gambling (CFG) Report
The revelations brought forth by The Campaign for Fairer Gambling (CFG) report, supported by YieldSec’s comprehensive analysis, shed light on the alarming scale of illegal betting surrounding NCAA March Madness. Urgent action from governmental agencies, law enforcement, and industry leaders is imperative to combat this pervasive problem and safeguard the integrity of sports betting in the US.
FAQs About Illegal Betting During NCAA March Madness Basketball Tournaments
1. How significant is the role of social media in facilitating illegal betting?
Social media plays a substantial role, with up to 73% of sports wagering-related posts and 78% of videos promoting illicit betting operators, according to the CFG report.
2. What are the concerns raised by Derek Webb, the Founder of CFG?
Derek Webb has emphasized the urgent need for a concerted effort to combat illegal gambling in the US due to the lack of cohesive government action and insufficient state oversight.
3. What is the extent of illegal gambling exposure in the US?
Approximately 43.1 million individuals, nearly 1 in 7 Americans, have interacted with illegal gambling content, highlighting the widespread nature of the issue.
4. How extensive is the network of illegal betting operators targeting the American audience?
YieldSec’s investigation uncovered 378 illegal sports betting operators actively targeting US audiences, alongside 651 affiliates promoting these illicit operators.
5. What actions are industry leaders advocating to combat illegal betting?
Industry leaders, including Ismail Vali of YieldSec and the American Gaming Association, are urging enforcement and monitoring measures and seeking federal support to address the issue.
6. What recent research findings further emphasize the dominance of the black market in betting?
Recent research from YieldSec revealed that out of $5.37 billion wagered on this year’s Super Bowl, only $1.4 billion was legal, indicating a significant portion of illegal bets.
