Arizona defeated Arkansas 78-64 in the South Regional semifinal on Thursday night, advancing to the Elite Eight behind Caleb Love's 29 points and a defensive performance that held Arkansas to 38 percent shooting. In the Midwest, Illinois survived Houston 71-68 on Terrence Shannon Jr.'s three-pointer with 14 seconds remaining — a shot that silenced the Houston crowd and sent Illinois to its first Elite Eight since 2005. [1]

The games were good. The money around them is better. The American Gaming Association reported Friday that Americans have legally wagered $3.3 billion on the NCAA tournament through the Sweet Sixteen round — a figure that exceeds the NCAA's total tournament revenue of $1.2 billion from television contracts, ticket sales, and sponsorships combined. The gambling industry now generates 2.7 times more money from college basketball than the sport itself. [1] [2]

The athletes generating that revenue received, per the NCAA's current Name, Image, and Likeness framework, whatever individual deals they negotiated — a system that has produced seven-figure contracts for stars and nothing for the majority of players whose performances determine the outcomes on which billions of dollars turn. The economics of college sports have evolved beyond the NCAA's ability to pretend otherwise. The tournament is not amateur athletics. It is a $4.5 billion entertainment product staffed by unpaid labor supplemented by an unregulated endorsement market. [2]

Friday's schedule: Duke vs. St. John's, Michigan State vs. UConn, Michigan vs. Alabama, Iowa State vs. Tennessee. Eight more games. Another $1.5 billion in projected wagers.

-- AMARA OKONKWO, Lagos