The NCAA basketball tournament is one of the biggest events of the year on Wall Street. I’ve heard of millions changing hands buying and selling teams like stocks throughout the elimination rounds. Shorting is allowed as well as buying. Nearly all the trades are on credit (no money down). I’ve heard of floor brokers on the NYSE who only work one month a year as bookies for the Final Four. Millions of dollars change hands at settlement (after the tournament is over and a winner is determined). Nearly all of that is in cash.
According to TechCrunch this .jpg was reportedly created by Mark Slavonia at Sansome Partners. Here is a link to the JPG page. I don’t know how to put this into our article as a JPG.. Clearly it is not a copywriten.
I have participated in pools and individual bets on the NCAA tournament over ten years ago. After the nineties, gambling on something that I totally do not understand seemed pointless. Some have asked me if that is my strategy with the stock market.