This is a wonderful few weeks for gamblers as March Madness, the NCAA’s biggest basketball tournament, has begun. According to the American Gaming Association, approximately US$8.5 billion has been wagered on the tournament this year. Not to mention the countless entrance fees as friends, family and co-workers fill out their brackets and put a few dollars on the line.
In a typical year, the NCAA holds its regional games in different locations around the U.S., which translates to millions of dollars for local economies. While the NCAA earns about US$1.5 billion from this tournament, there’s an indirect cost for companies that stems from the tournament. A major U.S. employment firm has estimated that employees taking the time to fill out their brackets costs businesses approximately US$13 billion every year.
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Chart of the week: Mining for profits in the 21st century
While investor attention is focused on Bitcoin, many companies are making inroads behind the scenes. One example is Marathon Digital Holdings Inc., which was one of the first digital coin miners listed on the NASDAQ Composite Index.
The company’s revenue rose in 2020, reaching US$4.4 million. The company has also been investing in additional miners, and plans to open another data centre. Bloomberg estimates that revenue could rise to US$286 million in 2021. So far in 2021, Marathon Digital’s share price has already increased 231%. Let us know what you think.
Used with permission of Bloomberg Finance L.P.
News and notes (U.S.)
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News and notes (Canada)
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Total assets for mutual funds and ETFs increased in February: Canadian fund sales exceeded $23B in February
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