Every year all fans anxiously wait March when the most unpredictable sporting event happens. Each year, one college basketball team comes out on top, yet they are not the only ones who win. The event of March Madness affects more than just the winning team. The NCAA as a whole receives about ten million dollars just from CBS and Turner to have the broadcasting rights. From this, the NCAA gives money to not only the schools and the teams but the winning coaches receive large bonuses. Going further than the teams, the cities that host the games have a big economic impact. For example, Dayton OH always hosts the play in games for the tournament, which since 2001 has increased Dayton’s economy almost 66 million dollars. As March Madness continues, the tournament has an even large economic impact on that round’s hosting city. Las Vegas, a city that does not host the tournament, receives large profits from the NCAA tournament. Over 60 million people fill brackets and bet on who will be the NCAA champion. There was an estimate of about 9 billion dollars worth of bets placed for March madness last year and this number continues to rise each year.
While the NCAA tournament does bring in large numbers worth of revenue, it also leads to nearly a 1.9 billion dollar decrease in productivity in the workplace with everyone streaming the games rather than doing what is expected of them. Does the temporary increase in profit outweigh the decrease in productivity during this time? Does the decreased in productivity in March ultimately lead to a decrease in production over the next few months?