In 2018 the AGA commissioned a legal analysis of real-money sports “pool” betting. Among other types of bets, pool bets can include casual sports bets between friends, certain types of fantasy leagues, certain types of office pools between colleagues – and yes, competitions based on March Madness brackets.
The analysis found no states that allow sports pool betting – including stake-holding, bookmaking, or earning any other benefit – to take place as a for-profit business in the absence of appropriate licensure.
How Much Do Leagues Stand to Gain from Legal Sports Betting?
The four major sports leagues will earn a collective $4.2 billion from widely available legal sports betting
State of the States 2018: The AGA Survey of the Commercial Casino Industry
The definitive economic analysis of U.S. commercial gaming in 2017