TheStreet’s Sara Silverstein brings the latest business headlines from the floor of the New York Stock Exchange as markets close for trading Wednesday, March 20.
Full Video Transcript Below:
SARA SILVERSTEIN: I’m Sara Silverstein - reporting from the New York Stock Exchange.
Investors are reacting to the Federal Reserve’s latest interest rate decision. This comes after back-to-back hotter-than-expected inflation reports in February. Currently, markets are pricing in a 50 percent chance that the central bank will cut rates in June.
In other news - "March Madness is the biggest and most mainstream betting event of the year, especially with the brackets." That’s what the American Gaming Association’s head of research said to ESPN.
Whether it's office pools or your 10,000 to 1 odds parlay, the NCAA Tournament brings gambling to a whole different level. This year, according to the AGA, Americans will wager an estimated $2.72 billion on March Madness - that includes both the men’s and women’s tournaments. That number is almost double what was wagered on this year’s Super Bowl. And that’s only what’s being wagered legally. Another $4 billion in bets is predicted to be placed outside of legal sportsbooks.
In a study conducted by WalletHub, more than 56 million people will fill out brackets this year and 31 million will place a bet online - with the average bet placed on the NCAA Tournament coming in at $35. The University of Connecticut is currently the favorite to win the men’s tournament, while the University of South Carolina is the favorite on the women’s side.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m Sara Silverstein with TheStreet.
