March Madness heats up, bets roll in

Wall Street Breakfast

Seeking Alpha

Business, Investing, Business News, News

3.8 • 950 Ratings

🗓️ 20 March 2025

⏱️ 7 minutes

🔗️ Recording | iTunes | RSS

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Summary

NCAA March Madness: Watch DraftKings (DKNG), FanDuel (FLUT), Robinhood (HOOD), and long shot Grand Canyon (LOPE). (00:24) CoreWeave (CRWV) seeks shares ranging from $47 to $55 in IPO: report. (02:02) Sanofi (SNY) strikes autoimmune drug deal for up to $1.9B. (03:25)

Episode transcripts seekingalpha.com/wsb.

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Transcript

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0:00.0	Welcome to Seeking Alpha's Wall Street Breakfast, where we cover the top news for investors every morning.
0:08.0	Good morning. Today is Thursday, March 20th. I'm Julie Morgan. A sports betting bonanza has begun.
0:16.3	Corave gears up for an IPO, and Sunofi makes a $1.9 billion move.
0:23.1	The first round of March Madness starts today around noon eastern time.
0:28.4	The NCAA Division I men's and women's basketball tournament is a financial powerhouse in the
0:33.9	sports world.
0:34.9	This year's event promises to continue its lucrative tradition with the
0:38.7	NCAA expected to generate significant revenue for media rights, sponsorships, and ticket sales.
0:45.5	The current broadcasting deal with CBS and Warner Brothers Discovery is valued at $8.8 billion
0:51.7	through 2032, contributing over $900 million annually to the NCAA's
0:58.5	coffer. In the sports betting industry, Draft Kings and Flutter Entertainment's fan duel
1:04.0	head into the tournament with high hopes that they can keep at least 10% of the more than
1:09.2	$3 billion that is expected to be legally bet on the
1:12.9	three-week tournament. The total amount bet on the tournament is expected to more than double the
1:18.0	betting volume on the 2025 Super Bowl. However, a tricky part of the business for sportsbooks operators
1:24.5	such as Draft Kings, Fandul, BetMGM, ESPN Bet, and Caesar Sportsbook is that the
1:31.8	public is on a hot streak. Last year, sports books were hurt by strong favorites, Yukon and South
1:38.1	Carolina winning the tournament, while the second half of the NFL season saw poor outcomes for
1:43.6	most sports betting operators who
1:45.7	had unbalanced books. Consumer-facing companies that have NCAA March Madness promotions running
1:52.6	include Dick Sporting Goods, Potbelly, Daven Busters, Pizza Hut, Wendy's, and Red Robin Gourmet
1:59.8	Burgers.
	...

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