For nine years straight, Bloomberg has skilfully merged the excitement of March Madness and the benevolence of charity causes, hosting its annual Brackets for a Cause charity pool. This inventive corporate initiative aims to raise substantial funds for a multitude of nonprofits and initiatives.
This year, the spirit of competition and goodwill was kept alive by Wall Street moguls and leaders from around the country, each contributing a generous $20K to partake in the charity March Madness tournament. This considerable buy-in allowed entrants the opportunity to complete both men’s and women’s brackets in the renowned college basketball March Madness tournament.
The stakes are high but worthwhile, as the three highest scorers from each bracket secure a slice of a prize pool totaling over $1 million. These winnings are then donated to each victor’s charity of choice. The highly anticipated cohesion of charity and competitive spirit kicked off on Thursday with the commencement of the NCAA Division 1 college basketball tournaments for both men and women.
Interest in the charitable endeavor soared this year, with 58 participants partaking, culminating in a combined total purse of $1.16 million.
Predictions for the women’s tournament outcomes could lead to a multitude of ties, as every bracket has chosen South Carolina and Iowa to reach the Final Four. Indeed, South Carolina’s Gamecocks wrapped up their flawless regular season as the nation’s best women’s basketball program with a record of 32-0. Simultaneously, Iowa’s Hawkeyes have drawn considerable media attention, thanks to Caitlin Clark’s remarkable season, which has earned them a top seed in the March Madness tournament.
An estimated 40 out of 58 entries have put their money on the Gamecocks for the national championship, echoing the predictions of oddsmakers who are placing their bets heavily on South Carolina with DraftKings listing the team at -140.
The South Carolina women’s team is relishing the faith placed in them, with the majority of participants confident in their back-to-back victories. To note, their solitary loss within the last two seasons was to none other than Iowa.
Iowa commanded a decent showing, appearing on eight entries, while Norte Dame starred in three. LSU, UConn, and Stanford featured in two entries each, and lone entry USC belonged to Apollo Global Management’s Jay Clayton.
For the men’s tournament, 30 of the 58 participants are backing the University of Connecticut Huskies for a second straight championship, a sentiment shared by DraftKings, who placed the smallest odds on the team at +340.
In a shocking twist, the University of Kentucky’s Wildcats, favoured by Ares Management chief and NBA Atlanta Hawks owner Tony Ressler, fell short in a surprising defeat to Oakland.
The grand victor of the 2023 event was Bain Capital’s Stephen Pagliuca, co-owner of the NBA Boston Celtics, who donated his winnings to the Reform Alliance. York Capital Management’s Jamie Dinan stood strong in second place, choosing to support the Museum of the City of New York. Michelle Seitz, Founder and CEO of MeydenVest Partners, finished third, allocating her earnings to Educate Girls.
Each year, the competition not only fosters excitement in the sports world but facilitates philanthropy, bringing together finance and sport for a noble cause.
