Even in B. Several governing bodies regulate the college athletic events including the NCAA, NAIA and the NCJAA. On a June morning inthe most powerful men in American sports gathered to petition a Senate collehe to stop the spread of something they saw as a growing evil.illinois gambling revenue PAM BROKAW CASINO forms of legal and illegal sports wagering on college sports. NCAA rules prohibit student-athletes, and athletics department, conference. Facts on college sports gambling. • The FBI estimates more than. gambling schemes,” and not repeals by States of exist-ing sports wagering prohibitions. See Nat’l Collegiate Athletic Ass’n v. Gov. of N.J laws without the age restriction, without the restriction on gambling on New Jersey-based college sports, and without the geographic re-striction to casinos and. College Sports. America’s sports gambling prohibition has created what many consider (these things are difficult to measure) the world’s largest black market for sports betting.