March Madness; The Road to the Final Four; The Big Dance - all phrases associated with the most hyped NCAA championship tournament - the men's division I basketball post-season tournament. The substantial increase in demand for these games has lead to enormous profits for post-season men's basketball. Using data for the 2005-2006 season we see that gross revenues for the NCAA men's basketball tournament were about $41.8 million resulting in profits of $15.8 million, and the NIT post-season tournament had gross revenues of $3.1 million and profits of about $40,000.
These substantial profits from the NCAA post-season tournament has lead (consistent with economic theory) to two new entrants for post-season men's basketball. Last year the College Basketball Invitational entered and this year the CollegeInsider.com Post-Season Tournament entered.
I think the worst part is that of the 129 colleges to go to the Big Dance, Iowa is still did not make it. We were robbed!
Hat tip to Skip Sauer at The Sports Economist along with the teams from two entrants playing.
Here is Skip's blog from last year about the entry of the CBI.
Friday, April 3, 2009
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