WACO, Texas (KXXV) — March Madness is one of the biggest sporting events in the country, the billions of dollars wagered on the tournament are not benefiting Texas taxpayers.
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Nationwide, billions are expected to be bet on the tournament. In states where sports betting is legal, tax revenue supports education, infrastructure, and public programs. But in Texas, where sports betting remains illegal, those dollars are flowing out of state or into unregulated markets.
From campus watch parties to last-minute bracket picks, March Madness has become as much about betting as it is basketball. For college students, who are the heart of the tournament fan base, the risks may go far beyond the final score. With the tournament underway, thousands of brackets are already busted, and people are losing thousands of dollars to sports betting.
"Biggest bet one we have, I think is $32,000, uh, with one team," Chase Barton said.
Barton, a college student, said he got involved to help his friends.
"I did this because I got grouped in with my friends and they need $50 extra dollars, so I thought I would help them out. Overall though, I don't think it's a good use of money," Barton said.
What starts as friendly competition can quickly turn into something more serious. Experts say the fast-paced nature of March Madness, with multiple games a day, can make it easy to chase losses and hard to stop. Melissa Lewis is a professor at the University of Texas Arlington and an addiction expert.
"Betting is becoming more visible, especially among young adults and college students. One reason in particular for that is social media. Social media is a big driver. It's got constant ads, influencer content. People are sharing how much they're betting, and this can create a sense that everybody's engaging in March Madness and betting behavior," Lewis said.
As Texas lawmakers continue to debate legalization, the reality is the betting is already happening. It is just not happening in a way that benefits the state or protects the people placing the bets.
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