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| Insights: 68 men's & women's teams, 134 games, three weeks, and millions of fans betting big |
The consistent favorite headline of March Madness is how nearly impossible it is to pick a perfect bracket, yet millions of fans decide to fill one out to earn bragging rights with their friends. The odds are steep:\t- \t\t1 in 9,223,372,036,854,775,808 (if you're randomly guessing on the outcome of each game)
- \t\t1 in 120.2 billion (if you’re a fan and know a few things about who may advance)
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In fact,no onehas ever picked aperfect bracket. The best run ever recorded was someone predicting the first49 games. Ironically, there areeven contestsnow to get every pick wrong.
There’s a lot of money at stake. The American Gaming Association estimates that\\$2.72 billionwill be put on the line during March Madness, making this the largest sports betting event of the year. This obviously doesn’t account for the innumerable bets between friends and coworkers. And yet, March Madness only accounts for about 2% of the \\$121 billion wagered in 2023 across all sports.
While gamblers have an albeit miniscule chance of potentially hitting it big, the real winners are the online sports betting platforms of the world. DraftKings, which owns roughlyone-thirdof the sports betting market in the U.S., said in its most recent earnings report that estimated year-over-year revenue growth from 2023 to 2024 will bebetween 27% to 34%. And the states are cashing in too, receiving over\\$4 billion in tax revenuesince the 2018 Supreme Court decision to legalize sports gambling.
Thirty-eight states and the District of Columbia have legalized online sports betting. The most recent one, North Carolina, opened the floodgates onMarch 11– in perfect timing for the tournament.
But as you may imagine, having 24/7 access to a live casino in your pocket may not be a healthy option for some. The number of calls to gambling hotlines have soared in several jurisdictions (OH,KY,CTto name a few), and lawmakers are now trying to bring in more consumer protections.
Here are a few things to know about the explosive growth of sports gambling, and the publicly traded companies benefiting from legalized, on-demand sports betting |
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| -Brett Holzhauer, Content Marketing Manager |
| Is M1 Plus going away? And what is this \\$3 fee?
A:The M1 Plus membership program is going away. We are now making it available to everyone who uses M1 to build and manage their wealth.
Starting May 15, a \\$3 monthly platform fee will apply to clients with less than \\$10,000 in M1 assets or without an active Personal Loan. |
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The M1 Team |
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