March Madness betting brings everybody into the pool

March Madness betting
March Madness betting

Betting is a terrible idea, unless you're going to win. Then it's the best.

When it comes to the NCAA Tournament, we should all know by now that it's easy to be humbled and have your brackets broken (see: Northern Iowa beats Kansas.) Still, betting has become such a popular part of the tournament culture that in a study released by the NCAA, the FBI estimates that more than $2.5 billion will be gambled illegally on NCAA tournament games worldwide -- despite threats of legal action against illegal bettors in the states of Washington and Idaho. Compare that to only $80 million legally in Las Vegas.