More than a hundred million people are expected to bet on March Madness brackets this year. Nowhere are the stakes higher than in Las Vegas, where college basketball fans and gamblers are making the most of their time in Sin City.
March Madness beats the Super Bowl in the number of bets that roll through.
Sports betters fall into two categories:
1) there are the casual betters who often place their wagers based on emotion or team loyalty, they're known as "squares."
2) Then there are the "sharps," professionals, who make their living betting on sports.
"My name is Ted Sobranski, but they call me Teddy Covers," said one "sharp," who then added,
"This is Christmas for sports betters, it really is. For professional betters like me it's a wonderful thing because we have all this 'square money' coming into town."
When asked whether they're taking advantage of the casual betters, Sobranski replied,'
"Not at all! Some of these guys are gonna win, some of them are gonna lose."
There have been at least four major upsets in the tournament so far.