March Money Madness

The pinnacle of the college basketball season is upon us, and like many people I have found myself checking stats and picking brackets.  In years past I have put some cash into various betting pools and wagers.  This year I have decided to enter only for fun but I now regret that decision.  Why?  Paying with nothing on the line isn't very much fun at all.

It is my theory, and I'm not psychologist, that the small bets I've made in the past give me a personal stake in the outcome of the games.  If I don't care who wins I don't enjoy watching as much.  Who cares if Butler or South Alabama win in the first round?  I do because I've got $5 on Butler.  Why did I bet on them?  Because I have a cousin that went there.  Does that make logical or mathematical sense, of course not.  It does however make March Madness more fun.

Next question: How much should I spend to add to my b-ball enjoyment these next few weeks?  If history is a determination, I normally enter a couple $5 pools, maybe one $20 pool and then I'd be willing to take a few $10 side bets too.  All told I have never put more than a couple hundred bucks, but usually it is around $50.  I'd say it is enough to make it interesting but not enough to make me go broke.  However, partially because of my new attempt at financial responsibility and partially because of fewer opportunities this year the total is ZERO.  I think the right number is somewhere in between, so more than $0 but less than $100.

Next year I will try to enter one "high dollar" $20 pool to get the endorphins pumping and that's it.  $20 is less than my wife and I spend on a quick dinner out, but it will magnify my overall enjoyment of March Madness several times over.  I will now have a reason to root during Drake vs. Western Kentucky and West Virgina vs. Arizona.  I will celebrate each bucket a little more and bemoan every missed call just that much louder.  Over three weeks of basketball I'll have hours of enjoyment from a very small "investment" in betting pool. 

Who knows, if I win, I might even be able to pay down some a bit more of my bad debt.  Comments and suggestions welcome.  Boo Carolina!