March Madness a huge cash cow for Las Vegas, TV networks and NCAA

By Scott Matthews

March Madness is almost here, with Selection Sunday slated for March 13, and for Las Vegas and online sportsbooks, it’s almost like the Super Bowl lasting for a month.

March Madness is second only to the Super Bowl in terms of sports betting, with Las Vegas casinos alone looking to rake in somewhere over $100 million in March Madness bets during the NCAA Tournament.

Of course, that’s a drop in the bucket when online sportsbooks and other betting sources are taken into account. All told, it’s estimated that about $2.5 billion is wagered on March Madness matchups.

While separate, accurate figures for March Madness betting are hard to come by, Basketball Betting in general is huge for Las Vegas. In 2009, the total amount bet on basketball in Las Vegas sportsbooks was $802.5 Million, with casinos keeping $38.2 million of that.

And it’s not just the sportsbooks that make a killing on the NCAA Tournament, it’s the rest of the city as well. Just like for Super Sunday, thousands of bettors and fans make their way to Vegas from the time the Big Dance begins through to the Final Four and the NCAA Championship Game.

In March last year, every major hotel was virtually sold-out, and remaining rooms normally priced at $200 to $300 per night were going for $500 and up.

March Madness is also huge for the NCAA. The main broadcaster, CBS, pays the NCAA more than $500 million – a half billion – annually, which represents more than 90 per cent of the NCAA’s annual budget.

And even going by three-year-old numbers, March Madness represents a ratings bonanza for CBS. According to the Nielsen Ratings, “136.8 million unique TV viewers tuned in to at least one minute of NCAA Tournament coverage on CBS” for the 2008 tournament .

This is not just College Basketball. This is big business.

Scott Matthews is a highly respected handicapper with more than 20 years experience picking winners in College Basketball. Check out his free daily picks at www.smpicks.com or by calling toll-free at 1-888-777-5104.