It’s that time of year when 68 college basketball teams go
to the big dance, hoping to make it as far as the final four. If you think about it, the three-week event of the NCAA Tournament has an enormous economic impact. Good and bad. According to a study by Challenger, Gray and Christmas, fifty million people will participate in office pools. They will take time off from work or will stream games live on computers, iPads, and other electronic gadgets. Companies stand to lose 1.2 billion for every hour in “lost wages.” An interesting tidbit is that urologist across the country estimate a fifty per cent increase in vasectomies during the tournament. Men schedule this dicey procedure to correlate with their guilt-free, couch-potato TV watching. It is only natural to assume that this will create a loss of productivity in the boudoir as well as the workplace.
The biggest slice of the pie will go for broadcasting rights, sponsorships, and advertising. Cities that host games at arenas benefit from out-of-town fans who spend lucrative dollars at hotels and restaurants. Some who don’t make it to the games will spend their money at sports bars like Buffalo Wild Wings with multiple TV screens. Of course, pizza delivery and beer sales will go up for those watching at home. During March Madness, retailers of sports memorabilia with college logos always show a huge bump in sales. Sports betting will also have a flurry of activity. According to an article in USA Today, a person would have a better chance of hitting four holes-in-one in a single round of golf than picking a perfect bracket. Enjoy the madness, folks.