March Madness: Economic Impact

By Nicholas Perugini, Trending Writer

The high revenues that follow sporting events are no secret. Some sporting events can bring billions of dollars to a city or country. Sports entertainment is one of the most lucrative industries in the world. The occurring economic frenzy this March is nothing new.

What is shocking is how much money is being gambled on this year. With the help of mobile streaming and gambling apps, people can easily get involved in the excitement. These apps allow for friends and co-workers to wager small pools of money for fun. Eventually these small bets build up a gigantic gambling industry.

According to CBS News, it is estimated that over 9 billion dollars will be wagered for during this year’s NCAA Men’s Basketball tournament. The amount of people inputting funds into to the pool is a predicted 50.5 million Americans. To put this sum of money into perspective, USA Today reported that it took over 635 million Powerball tickets to reach the record breaking $1.6 billion lottery pool. The amount of money being gambled this year is completely mind boggling.

A plethora of new streaming and gambling apps is fueling this massive money pool. In specific, Verizon’s GO90 and ESPN’s streaming app allows anyone to view these games from anywhere. People can see their dream team’s duke it out for the championship title. These apps allow for greater exposure to basketball and for anyone to get involved in the action.

With greater exposure comes more people participating in the local pools. There are multiple apps that make it easier to track the brackets and gamble. There is an entire dedicated section on the Apple App store for these apps. Companies from Yahoo to CBS allow people to create their own brackets. People can track their progress on the go.

This March Madness is set to break records with the amount of money being gambled. Billions of dollars will be put to chance. With mobile apps, helping spread the fever that is March Madness, this trend will continue for many years to come. There have been no serious effects on the economy from this gambling, yet, but who knows what this could mean in the future.

A version of this article appeared in the Tuesday, March 22nd print edition.

Contact Nicholas at
nicholas.perugini@student.shu.edu

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s