With March Madness being one of the most exciting and most-watched sports tournaments every year, it’s not surprising how steep the ticket prices reach. A regular season game ticket can reach up to as high as a couple hundred dollars, and the March Madness games only multiply those prices. Cities that are lucky enough to host a March Madness game experience booming business as millions of fans crowd their bars and stadiums for a chance to catch the action. Those who participate in bracket pools at their office or among friends can win big sums of money.
Keep reading for a list of some pretty crazy stats created from the annual NCAA men’s basketball tournament.
- Work Responsibilities Take a Backseat
Business Owners can expect to lose money off their employees during this time of the year as staff members are often distracted. The immense improvements in smartphone capabilities and unlimited data plans make catching the games at work almost too easy. The March Madness app gives fans the option of taking a live stream of the games with them wherever they go. It’s no wonder employees get distracted at work! An overall estimated loss of productivity during the few weeks the tournament lasts amounts to $13.3 billion dollars (Challenger)!
- Ticket Prices Hit Jaw-Dropping Amounts
If you want to attend a final four game or the championship match, you will have to save a fraction of your salary just to purchase your ticket. Right now, the price for courtside seats at the March Madness championship game on April 8th in Minneapolis is $12,500. Each! That doesn’t include parking, hotel prices or airfare. Hotels will jack up their prices to make money off guests that need a place to stay
- Business Gets Frothy
Each year, the NCAA tournament helps make the brewing industry a lot frothier, if you get what we mean. Depending on which part of the country, beer sales increase by up to 26% (Upserve)! The Midwest gets the biggest sales, and Northeast beer sales rise just a little bit at 10%. Host cities experience serious business boom, and not just in beer sales. March Madness usually gives a host city’s local economy a more than 4$ million boost each year!
- Coaching Salaries
You may be surprised to know that college basketball coaches make a good salary. In many states, a college coach is paid the highest salary of any public employee (MoneyWise). Which state do you think has the coach that makes the most? They recently lost to Auburn in their elite 8 match – it’s Kentucky ‘s coach. John Calipari is making $7.99 million in total pay for the 2019 season. This is mostly due to the fact that he signed a seven-year, $52.5 million deal in 2014.
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