So far, I'm doing all right in my NCAA Tournament bracket. Some teams I missed, other upsets proved my hunch right, but so far I haven't lost anything big, which is to say I'm doing a heck of a lot better in March Madness than I am in the stock market.
Apparently I'm not alone, since 22 percent of us believe our basketball brackets will fare better than our 401(k), according to MSN's Hoop Hysteria Survey.
The results of the survey also indicate we Americans are obsessed enough with this time of the year that our hoarding and saving, skipping our expensive coffee drinks and other cost-cutting measures haven't extended to March Madness. People dutifully filled out their brackets wondering how strong Chattanooga's defense is. (Not very strong, was the answer after losing to UConn 103-47.)
According to the survey, 45 percent of Americans planned to enter at least one basketball pool this season. In a slight surprise, more women (50 percent) than men (42 percent) said they're going to participate in at least one pool. About 20 percent plan to enter three or more with more than half spending $20 on their brackets.
The only difference from past years is 15 percent said they're going to spend less on pools and 10 percent decided not to put any money into the pot.
Still, even with those holding back, the FBI estimates we'll spend $2.5 billion wagering on the NCAA basketball championship.
FBI? Monitoring March Madness? Makes me kind of uncomfortable that the organization is following our gambling habits so closely.
The FBI isn't the only one either; the NCAA is bringing out its big stick like it normally does this time of year in an effort to squash the use of its trademark terms "March Madness," "Elite Eight," and "Final Four," by businesses. The abuse is said to be greater than ever with the increasing use of the Internet and other pieces of technology like iPhones that enable businesses to use the trademark names for their own commercial purposes.
Everyone, it seems, is trying to make a buck off March Madness. Not me; after years of disappointment, I'm approaching March Madness like the stock market. I've given up hopes of a profit, I just want my money back.
