When Warren Buffet speaks, people listen. So no doubt by now you've heard about his annual $
1-million-a-year-for-life NCAA bracket offer to employees of his company, Berkshire Hathaway. If they fill out a perfect March Madness bracket through the Sweet 16, they'll get $1 million every year
for the rest of their lives
.
Though that amazing offer is only available to his employees, most of us will still spend more time than we care to admit, filling out our own brackets and jumping into an office or friends-and-family pool.
By the Numbers
The editors at WalletHub have dubbed the annual NCAA Men's Basketball Tournament, our Nationwide Obsession. As they note, there's a lot more to the tournament than basketball. It's big business both on and off the court. Two times more money is wagered on the tournament than on the Super Bowl, earning $100 million in profit for Las Vegas casinos. While you ponder your picks, read on to see some of the more interesting facts and figures associated with the tournament.
Economic Impact
The tournament has a major economic impact - both for the positive (the Final Four host city of San Antonio is expected to gain $135 million this year) - and for the negative (productivity plummets at the office during March Madness.)
Big Business
College basketball is big business, though student-athletes don't see much of that money. With an average basketball scholarship cost of $130,000, and a starting salary for an NBA rookie at $2.36 million, players who make it to the pros will earn 18 times more money after they graduate. But it's the coaches who can really rake in the cash.
Brackets and Betting
Though you have a better chance of winning back-to-back lotteries with just one ticket each game, most of us will still fill out a bracket, striving for perfection. The growing popularity of brackets is catching up to the turnout numbers we see during presidential elections.
And many of us don't ju
st play for bragging rights! Over $10 billion is wagered each year...most of it illegally.
The first tournament was held in 1939 and included just 8 teams. The Oregon Ducks beat the Ohio State Buckeyes 46-33. But d
espite their success in this first tournament, Oregon would not make another Final Four until
just last year.
2008 was the first and only time all four Number 1 Seeds made it to the Final Four.
The University of Kentucky Wildcats have had more tournament appearances (57) than any other team.
And UCLA still holds the records for most tournament wins at 11.
To review the full infographic of Wallet Hubs Stats and Facts, click
here.
Good Luck!
