Americans are projected to wager $8.5 billion on the NCAA Division I Men's Basketball Tournament this year, and for the first time many of them will be able to do it legally, according to an American Gaming Association survey released Monday.

One in five U.S. adults—or roughly 47 million people—are likely to bet on "March Madness," AGA said in a statement. This is the first tournament following the U.S. Supreme Court's ruling last year striking down the Professional and Amateur Sports Protection Act, which outlawed sports betting in all but a handful of states. As a result, eight states now allow sports wagers.

"During this year's tournament—the first in post-PASPA America—sports fans are expected to bet 40 percent more than they did on this year's Super Bowl," AGA CEO Bill Miller said in a statement. "Unlike any other sporting event in the country, March Madness attracts millions who fill out brackets, make casual bets with friends or wager at a legal sportsbook, which Americans can now do more than ever before."

According to AGA:

• $4.6 billion will be wagered on a collective 149 million brackets by more than 40 million people;
• Nearly 18 million people will wager $3.9 billion at a sportsbook, online, with a bookie or with a friend;

  • 4.1 million will place a bet at a casino sportsbook or using a legal app;
  • 2.4 million will bet illegally with a bookie; and
  • 5.2 million will bet online, likely at illegal offshore sites.

• The plurality of bettors favors Duke (29%) to win, followed by Gonzaga (9%), North Carolina (8%), Kentucky (7%), Virginia (5%) and Michigan (5%). http://bit.ly/2TIeCc6

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