Rather, the bulk of the March Madness money is likely to be made on sports betting.
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If you just have to put your money at risk, then engage in sports betting.
The direction that Las Vegas sports betting lines move is largely dictated by money.
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The Federation of Indian Chambers of Commerce and Industry has called for sports betting to be regulated.
Ayre is accused of operating an illegal gambling business involving sports betting and conspiring to commit money laundering.
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Currently, the state of New Jersey is wading through litigation in its attempt to legalize sports betting in the state.
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Maybe getting all moral about high school sports betting is wrong, given how endemic gambling is to sports in general.
Colleague Monte Burke gives the best odds to the Miami Dolphins, who are also favored by sports betting websites.
For years Ayre taunted and dodged U.S. law enforcement, specializing in offering online sports betting and casino games to U.S. gamblers.
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The experts will all tell you the same thing: The sports betting market, much like the financial market, is extremely efficient.
Bob Scucci, race and sports book manager for Boyd Gaming's Stardust Hotel-Casino, said Nevada gaming regulations restrict his firm to sports betting.
In Britain, there is a daily newspaper devoted entirely to racing anf sports betting in general as well as two dedicated TV channels.
Christie signed a sports betting bill into law last year, but the four major pro leagues and the NCAA sued to stop it.
This is a key difference between DraftDay and past poker or sports betting site operators that were mentioned in the New York Times article.
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This is notable, as sports betting is legal in only four states in the United States: Oregon, Montana, Delaware and Nevada.
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The U.S. Justice Department has for years taken the position that facilitating for-money online poker violates U.S. law, making no distinction between sports betting clearly illegal and poker play.
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While the Department of Justice does its best to keep state sponsored sports betting far from New Jersey, full-fledged sports gambling continues to exist and flourish in Nevada.
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In late 2011, the Justice Department flip-flopped on one of its most important online gambling positions, claiming the Wire Act only applied to sports betting and not online poker.
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Department of Justice officials have for years taken the position that facilitating for-money online poker violates U.S. law, making no distinction between online sports betting clearly illegal and online poker playing.
William Hill has 2, 300 betting shops across the UK. Sportingbet, which owns Paradise Poker, offers sports betting and games across 26 countries and has more than 700, 000 active customers.
That only 1 percent of the bets made on March Madness are placed in one of the four states where sports betting is legalized demonstrates the widespread nature of illegal sports betting.
FORBES: The Business Of The Bracket: How Vegas And Businesses Capitalize On March Madness
Bob Scucci, race and sports book manager for Boyd Gaming's (nyse: BYD - news - people ) Stardust Hotel-Casino, said Nevada gaming regulations restrict his firm to sports betting.
The Department of Justice years ago took the position that the federal Wire Act of 1961 prohibited all sorts of online gambling even though the law itself seemed to only apply to sports betting.
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Justin Wolfers, assistant professor of business and public policy at the Wharton School at the University of Pennsylvania, where he teaches "Finance, Behavioral Economics and Sports Betting, " says he's very optimistic about betting in office pools.
Gaming experts say there has been talk of legalizing certain forms of gambling in China, such as sports betting, but that proponents face stiff political opposition, as well as the vested interests of Macau operators in preserving their exclusivity.
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"The greatest advantage of regulating sports betting is going to be the accountability for the large amounts of money transferred through illegal channels and reduction in cases of match fixing, money laundering and crimes, " FICCI said in a statement Friday.
Betfair, an online-betting exchange based in London, has been called the eBay of sports betting (see article), and the vast majority of the websites that allow people to play poker and other games of chance or skill for real money are based in Europe.
That statistic is courtesy of Brandon Ramsey, CEO of a startup called Fanhood, which is on a mission to disrupt social casino and sports-betting.
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The idea sets sports-betting fans' heart aflutter and gives gambling opponents nightmares.
The alleged second-in-command of the enterprise (Vadim Trincher, age 52) is based in New York, where he oversees a high-stakes illegal sports-betting operation that caters to oligarchs living in Russia and Ukraine.
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