Betting on March Madness tournament to top $3 billion, gambling group predicts

Americans will wager an estimated $3.1 billion on this year's March Madness college basketball championship tournament, the gambling industry's national trade group predicts.

That figure includes legal bets as well as those placed with illegal bookies or offshore websites, the American Gaming Association (AGA) said in a new report. An estimated 45 million Americans — 17% of U.S. adults — plan to place at least one bet on the NCAA tournament.

"There's no doubt this year will generate the highest legal handle in March Madness history," said Bill Miller, the association's president and CEO, referring to the total amount wagered on the tournament.