We all know the Madness of March is big business, and big deal. But $10 billion dollars worth of betting?

The American Gaming Association has released data indicating that over 70 million people will fill out brackets,  and we know tens of thousands of work hours will be lost due to  the games on TV. But that much illegal betting?

The AGA says while some 295 million bets will be placed legally in Nevada, 97 percent of overall bets are illegal.

That's why the AGA says it's time for a national regulated sports betting market. The AGA says 25 years ago the Professional and Amateur Sports Protection Act (PASPA) was passed by the government, and under the guise of this legislation, the only  state where sports gambling is legal is in Nevada.

However, not that long ago, a failed attempt at a federal sports gambling fan failed. This has led to what the AGA says is an explosion of the illegal sports betting marketplace across the country, and it's steadily growing.

The AGA is the largest body in the U.S. that represents casinos as well as all other aspects of suppliers and those associated with the gambling industry. They believe a regulated, organized gambling market would create thousands of jobs, and provide communities with much needed tax revenue.