The NCAA men’s national basketball tournament has multiplied its TV revenue nearly 70 times since the early 1980s.

This investment has become formidable for both sides of the deal, as the yearly revenue for the annual tournament has now surpassed $1 billion in broadcasting rights alone.

The numbers stem from a 1982 deal in which CBS purchased the tournament broadcasting rights for a mere $48 million for three years, or $16 million annually.

Year after year, CBS has renewed its deals and the NCAA has gladly increased its price. In 2010, CBS and Turner agreed to a 14-year, $10.8 billion deal that gave the networks the TV rights to March Madness through 2024, roughly $770 million per year.

In 2016, CBS and Turner Sports announced those rights would be extended through 2032 for $8.8 billion, or $1.1 billion per year.

This decades-long relationship has not only increased the NCAA’s TV revenue by more than 68 times, but it has allowed CBS Sports to sell ads at prices near to Super Bowl level.

Yahoo reported that ads for the 2023 March Madness finals cost between $2.2 million and $2.3 million for just 30 seconds of airtime.

While figures can be hard to pinpoint, they seemingly continue to rise. The women’s tournament even touted that its advertising revenue had doubled in 2024, likely because the tournament featured star player Caitlin Clark.

In the end, CBS and Warner Bros. Discovery (which now owns Turner Broadcasting) earn an estimated $1 billion+ per year in profit themselves off the tournament.

While figures for the NCAA may have changed due to the introduction of the College Football Playoff, the men’s basketball tournament still accounts for a large majority of the NCAA’s revenue as of 2021. That year, of the $1.16 billion the NCAA took home, 85%, or $986 million, was attributed to March Madness.

Record ticket prices (again?)

Tickets at the Alamodome are expect to break March Madness records for the second straight year. Photo by Ronald Cortes/Getty Images

March Madness 2024 set records for ticket prices for both the women’s and men’s tournaments, with the men’s semifinal reaching an average price of $1,603 per ticket.

Things look like they will get bigger (and more expensive) for the Final Four this year, as Vivid Seats lists the lowest price for tickets at the Alamodome in San Antonio, Texas, at $223. The next best seats are at least triple the price, with some of the 200-level tickets easily eclipsing last year’s record prices.

If fans are looking to get into the lower bowl, tickets are ranging from $500 in the back all the way up to $5,900 for courtside seats. These prices are not just for resales, either. Ticketmaster’s remaining seats will cost at least $3,500 to get anywhere close to the action, meaning the 20th row.

Fans are better off paying for a First Four ticket, the new play-in games that kick off the tournament. Prices at the University of Dayton Arena in Dayton, Ohio, start at just $34, but can go up to $500.

Tickets for the tournament final — which appear to have been bought up immediately — start at $600 on Ticketmaster but quickly reach the $3,000 range for lower-level seats. Some resellers are posting astronomical $7,000, $10,000, or even $13,000 asking prices, but those should not be taken seriously as legitimate asks.

The new trend of resellers posting a “not going” price is simply a fan’s way of saying that while he or she wants to go to the event, there is a price at which the fan is willing to sell. These do not reflect realistic average ticket costs, however.

1 in 4 Americans bet on the tournament

Every year, tens of millions of Americans gamble on March Madness, and the number is steadily increasing in volume and dollar value.

According to the American Gaming Association, 47 million American adults wagered approximately $8.5 billion on the tournament in 2019.

By 2022, the numbers had decreased to 45 million American adults wagering about $3.1 billion.

The reason behind the monetary decrease in betting that year is unclear, but by 2023 the figures had skyrocketed more than ever before. A whopping 68 million American adults planned on betting a total of $15.5 billion that year.

That is a 21-million person increase coupled with a $7 billion bump, or about an 82% increase in spending. At the same time, around 56 million of those adults said they planned on participating in a bracket contest, as well.

The estimated gambling totals of years past were made without actually running the bets through proper channels, the gaming association claimed.

'Regulated sports betting over the past five years has brought safeguards to more than half of American adults ...'

In 2018, the organization estimated that 97% of the bets placed on the national tournament were placed illegally.

Geoff Freeman, the company’s former CEO, said at the time that sports betting laws were so out of touch that “tens of millions of Americans” were being turned into criminals “for the simple act of enjoying college basketball.”

Freeman cited a $150 billion figure in annual illegal sports betting in the United States.

By 2023, the company had changed its tune after betting had become more regulated across the country.

“Critically, the expansion of regulated sports betting over the past five years has brought safeguards to more than half of American adults who can now bet legally in their home market,” President and CEO Bill Miller said.

However, according to the organization's gambling legalization map, sports betting is still illegal in at least 12 states, including Texas, California, Alaska, Georgia, and South Carolina.

Do the players get paid?

Kentucky's Jaxson Robinson recently signed an NIL contract with the Dairy Alliance. Photo by Johnnie Izquierdo/Getty Images

Players still do not get paid for their participation in the national championship tournament despite the NCAA making the bulk of its revenue on the tournament.

While revenue-sharing is still likely something for players to put up a fight about, the notoriety of the tournament is resulting in more name, image, and likeness deals for players than ever before.

In fact, brands have been betting big on players who play for teams that are considered shoe-ins for the tournament.

For starters, the Dairy Alliance is turning back the clock with a recent milk-related sponsorship with three college basketball stars. Zakai Zeigler from No. 8-ranked Tennessee, Jaxson Robinson from No. 15-ranked Kentucky, and Zamareya Jones from the No. 9-ranked women’s team at N.C. State each inked deals in February.

At the end of the month, JuJu Watkins from the No. 4-ranked USC signed a deal with United Airlines for an undisclosed amount.

While Syracuse star Kiyan Anthony may not be appearing in the national tournament, he still appeared in an AT&T ad for March Madness alongside his father, former NBA player Carmelo Anthony.

Other players from Auburn, Texas, Kansas, Ohio State, and UCLA all appeared in an Under Armour spot in preparation for the tournament, as well.

Lastly, two basketball stars who will appear in the men’s tournament have climbed their way up the NIL valuation charts just in time for March.

Cooper Flagg of Duke and AJ Dybantsa of BYU are now ranked No. 2 and No. 6 respectively in national rankings for NIL value. Going into the tournament, Dybantsa has deals with Nike and Red Bull, while Flagg has teamed up with Fanatics and Gatorade.

While it seems like a billion dollars per year not being shared with players is still a sore spot that needs prodding, thankfully, young athletes are now being compensated, handsomely, for the spotlight they bring to their schools.

As NIL deals only increase in value and scope in terms of which athletes are able to pull monster deals, it will not be long before March Madness features dozens of teenage millionaires playing in a single tournament, with each of them generating more brand wealth than entire WNBA teams.