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.