March Madness and Gaming
What might explain the rapid growth of March Madness since the NCAA tournament was first created? What is the relationship between March Madness and gambling?
In an attempt to answer these questions about March Madness, I found an article titled "Hoops Fans Happy to Dream of Perfect Bracket" by Andrew Wyrich and Minjae Park (We can annotate this in hypothes.is.). This article points out why so many people enjoy creating March Madness brackets - they hope to make a perfect bracket. Wyrich and Park go on to explain how Warren Buffett even offered 1 billion dollars to anyone who created a perfect last year.
Although this offer seems very enticing, the odds of creating a perfect bracket are about one in nine quintillion - 9000000000000000000 (18 zeros). While most people know creating the perfect bracket would be virtually impossible, they still participate anyways. Wyrich and Park argue that the reason people participate in the bracket challenges of March Madness is ultimately to have fun. It is very enjoyable and creates conversation for anyone who chooses to join in.
This article helped answer my questions because it attempts to explain why people enjoy March Madness. The excitement and fun involved with creating brackets and gambling in office pools, etc. has been a major cause of the recent March Madness explosion, and it has led to the NCAA Tournament's increased popularity.