If you’re a college hoops fan, you've likely been waiting all year for the NCAA's March Madness tournament. You made your picks, filled out your bracket, wagered a few dollars. But it turns out, you're also breaking the law.

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Billions of dollars every year are wagered on the outcome of various sporting events, but except for bets made in Las Vegas and a few other states, they're all illegal. Now, representatives from cash-strapped states and even the NBA commissioner…

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