Nevada Allows Sportbooks To Take Bets On March Madness 'Most Outstanding Player' AwardMarch Madness Kicks Off For Silver State |
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Nevada sportsbooks received an assist from regulators this week.
The Nevada Gaming Control Board on March 17 granted approval to offer wagers on the NCAA Men’s Basketball Tournament Most Outstanding Player award.
The approval gives all licensed books the option to post and accept wagers on the award, with the setting of odds being at the discretion of the book. Rules governing these wagers are required to be made available to the public.
Acceptance of wagers must cease prior to the start of the final game of the tournament.
Any additional wagers “deviating from” the winner of the NCAA Men’s Basketball Tournament Most Outstanding Player award will require a separate application and approval, regulators said.
Basketball wagering in Nevada has never been bigger for the books. In 2021, the state reported $147.8 million in revenue off basketball wagers, an all-time high.
According to a recent study from the American Gaming Association, about 17 percent of American adults, or 45 million people, plan to gamble on the March Madness tournament.
The AGA estimated that $3.1 billion in total will be wagered on the tournament.
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