As the month of March peaks, college basketball fans prepare for their biggest event of the year, March Madness.
The NCAA Division I men’s basketball tournament began in 1939 with only eight teams. The idea was created by Ohio State head coach Harold Olsen who wanted to hold a true national championship tournament in the postseason for basketball.
In what became known as “March Madness,” the tournament was first held on Northwestern’s campus as officials had to give away tickets just to fill the stands, losing approximately $2,600.
The tournament has now grown to 68 teams competing in a single elimination, seven round tournament, generating more than $1 billion dollars in revenue for the NCAA, according to various investment sites.