America’s two-week fixation on basketball brackets has begun as the NCAA men’s and women’s basketball tournaments begin Thursday. Okay, counting the play-in-games, you could say the tournament is already underway. But apart from being responsible for hundreds of thousands of “I’m sick and can’t come to work” calls, the tournament is also one of the biggest events in the sports betting world.
North Carolina vs. Kansas
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The American Gaming Association speculates that 17% of American adults, or about 45 million people, will place at least one bet on this year’s basketball tournaments. The AGA also speculates that this will result in nearly $3.1 billion in legal stakes on the tournament’s games.
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Here’s a quick sports betting trivia question for you: When was sports betting legal in Louisiana? No, it’s actually only been since January 28, 2022. So, while you could technically have bet on March Madness last year, I think most “gamblers” in the state will be making their first tournament bets with this year’s brackets.
Of course, when there’s a $3.1 billion pool floating around, the bad guys want their turn to get some of that money too. The Better Business Bureau is advising Louisiana players to be vigilant about any bets they make at this year’s basketball tournaments. The BBB has had several reports of fraudulent websites that are really good at taking your money and not at all good at paying you back.
The Better Business Bureau suggests that you do your research and only use betting sites or apps that are licensed to do business in the state. A list of states that offer sports betting can be found here.
GVH Live via YouTube
GVH Live via YouTube
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Other red flags to look out for are offers and temptations that seem too good to be true. They usually aren’t. The BBB recommends you avoid any website that tries to lure you in via a pop-up ad, an email blast, or even a spam text message. They also suggest that you read the terms and conditions, aka the fine print, before committing any money to the site.
Another big red flag is any site that guarantees winners. No one can legitimately guarantee a winner on a sports bet unless they do something they shouldn’t. Now it’s perfectly legitimate if they want to tout their record, but it’s up to you to see if what they’re saying is true or is a unique flip side of the truth.
Just to be clear, even legitimate betting sites can and do freeze winnings if they suspect something is wrong. This usually happens when players show erratic play patterns or seem to have an unfair advantage in their betting history.
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However, legitimate websites will return your calls and emails. Those not so legitimate will offer excuses blaming technical issues or just let you walk around until they stop answering your calls and emails. If you decide to place a bet on the upcoming basketball tournament or sporting event, please only spend what you can afford to lose.
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