Coloradans place massive bets for March Madness

March Madness is much more than just a spectator sport.

"It's the best month for basketball and to get to place some bets and try to win some money," a bar patron said. 

Chris Rodriguez works for a betting-related site and was at a bar Thursday teaching people how to wager.

One woman gave it a try. 

"Through his company, we got a $10 match on a $10 deposit. So, we have $20 to have some fun throughout the tournament I think," the patron said. 

Legalized betting on games has become a huge business and it's quite profitable for the state of Colorado. The cut of the pie goes to fund water projects.

Dan Hartman heads the State Gaming division.

"The pandemic itself, you know, we started sports betting in May of 2020. So, there really wasn't a lot to bet on it really kind of it kind of took off very slowly," Hartman said. 

Two years ago, $71 million was wagered in March and that figure had boosted to $96 million the year after. 

But for some the fun can turn into an addiction, Hartman cautioned. 

"You can go into your app, can take a pause they will take you off," he said. 

In gambling towns, some casinos have sportsbooks, but the overwhelming majority of bets are placed online.

Legalized sports betting may be putting many bookies out of business.