March Madness Selection Day – arguably the biggest day in gambling this side of the Super Bowl – is just days away and it looks like people plan on raising the stakes higher than ever.
Of more than 2,300 adults surveyed by CouponCabin, nearly one-third of those wagering this year’s NCAA tournament said they’ll throw more money on the table this year than in 2011.
We just hope they don’t plan on taking much cash home with them. The odds of filling out a perfect March Madness bracket are 1 in 35.36 billion, according to data compiled by TurboTax. In fact, you’ve got a far better shot at winning the Powerball jackpot (1 in 195 million).
Just 22 per cent of gamblers said they’ve scored between $1 and $50 on their bracket and a meager 17 per cent took home more than $201, according to CouponCabin.
Gambling is only legal in about half the country, but the business reels in between $80 million and $90 million in bets during March Madness. However, the FBI estimates that revenue from illegal wagers totals between $6 billion and $12 billion.
Other than blowing cash on bets, consumers will shell out even more in taxes tacked on to all the vices usually associated with big sporting events – beer, liquor, wine and cigarettes.
TurboTax has taken a nationwide look at the March Madness cash flow, including where sin taxes fit in. Check it out below:
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.