Popular opinion might be that the term March Madness refers to the constant stream of basketball action — and inevitable crazy upsets — that come as a natural part of the NCAA college basketball championship tournament. After all, the 68-team single-elimination tournament is famously unlike anything else in sports, each game a high-stakes affair packed with tension and emotion for those involved.
However, Madness can take on a different meaning, especially these days. For those who love to make a wager or even just gamble it up in an office pool for cheeseburger money, Madness can be a reference to the frenzy of betting action and wild swings of fortune that occur from game-to-game, and even possession-to-possession, in the high-variance tournament.