Yes, the same issue seems to be present in the manual,
(http://www.buzzerbeater.com/community/rules.aspx?nav=Nati...). It says:
There are 48 teams in BuzzerBeater Europe. The 48 teams are drawn into six groups, with three groups containing seven teams and three groups containing eight teams
All the groups however have 8 teams and there are 6 groups: Pool A-F. The total of 48 is thus correct.