March Madness has officially begun, and may the odds be in your NCAA bracket's favor.
The NCAA tournament spans three weeks, giving gamblers plenty of time to cast their bets and watch their favorite teams fight to the finish. This month's basketball business brings in more than double the money — from gambling — than that of Super Bowl Sunday, Johnny Avello, the director of Race & Sports Operations at Wynn Las Vegas, told CNBC's "Power Lunch" on Thursday.
Between $200 million and $225 million should be placed in bets in Nevada alone throughout the NCAA basketball tournament this year, Avello said. This is up about 5 percent from last year and is up 15 percent from the year prior to that.
As it stood about 11 months ago, Duke was slated to be the 2017 tournament's "betting favorite," but that title now falls to the North Carolina Tar Heels, with the Blue Devils a close second, Avello said.