Business ideas
15 min read

10+ Best & Profitable March Madness Business Ideas in 2023

March Madness is one of the biggest and most anticipated annual sporting events in the world. It's a time of year when fans flock to arenas and streets to cheer on their favorite teams, watch dramatic upsets play out, and soak up the electric atmosphere of the NCAA men’s basketball tournament. With this surge in hype and attention come huge opportunities for businesses - particularly those that have a good understanding of the current trends, markets and customer habits. From sports memorabilia to corporate sponsorships, there are plenty of ideas that savvy business owners can take advantage of during March Madness. In this article, we will provide ten of the best and most profitable ideas for businesses looking to capitalize on March Madness in 2023. These particular concepts are designed to give business owners a chance to maximize their returns with minimal effort. So whether you’re just starting out or looking to expand your existing offerings, read on for some exciting ways to make money off this beloved annual sporting event.

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Updated on:
April 2, 2023
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Our List of 10+ Best March Madness Business Ideas:

1. Host A Tournament Viewing Party.

Hosting a tournament viewing party can be a great business idea for those who want to provide an entertaining, interactive event for their customers. It offers the opportunity to engage with a local sporting event, which can draw people from the local community and offer sponsorships, publicity, and additional revenue. Here are some of the benefits of hosting a tournament viewing party:

  • It provides an entertaining experience for patrons who may not otherwise watch the tournament at home.
  • It allows patrons to engage in social activities like cheering and camaraderie.
  • It offers potential sponsorships opportunities for businesses or individuals looking to advertise to a large group of people.
  • The event can serve as a platform for publicity and promotion of upcoming tournaments.
  • It can generate revenue from tickets, concession sales, etc.

2. Collaborate With Local Businesses To Create Special Offers And Promotions.

Collaborating with local businesses to create special offers and promotions is a great way to attract customers and bring in more revenue. This can be beneficial for both the local businesses and your own business, as you leverage each other’s networks. Here are some benefits of creating special offers and promotions for local businesses:

  • It can help to drive more customers to both businesses.
  • It increases brand awareness.
  • It provides an opportunity to cross-promote.
  • It helps build relationships with the local community.

3. Launch A Contest To Pick A “Dream Team”.

Launching a contest to pick a “dream team” can be an effective way to boost marketing and publicity for a business. It can generate interest from potential customers, attract new followers and gain the attention of influencers in the industry. This type of contest could be used to source new ideas, recruit new staff, find talent for an upcoming project or select the best product design. Here are some of the advantages of launching a “dream team” contest for your business:

  • Increase engagement with current and potential customers
  • Gather valuable customer feedback
  • Generate leads, including potential job candidates or collaborators
  • Reach out to influencers and industry leaders who may promote your business
  • Create buzz around your brand by announcing winners on social media

4. Create A Prediction Game For Brackets.

Creating a prediction game for brackets can be a great business idea. It allows people to compete against each other and make predictions about different tournaments and events, allowing for potential monetary rewards for those who guess correctly or do the best in their predictions. Here are some of the benefits of creating this type of game:

  • Users can compete against each other to make the best predictions
  • Can bring in money through subscription fees or other means
  • Great way to engage customers in any kind of tournament or event
  • Can easily be adapted to any kind of sport, event, or tournament
  • Allows users to customize their predictions with unique features and algorithms

5. Sponsor An Interactive Fan Experience At A Local Theater.

Sponsoring an interactive fan experience at a local theater could make for a great business idea. It could be a great way to engage customers, build relationships and advertise your brand. Here are some of the potential benefits this idea offers:

  • Increased visibility for your brand
  • A unique experience that customers will remember
  • A chance to offer promotional items to customers
  • Opportunities to reach new audiences within the local community
  • Build relationships with customers by providing an enjoyable experience

6. Throw A Viewing Party For The Tournament Finals.

Throwing a viewing party for the tournament finals could be a great business idea. It is a memorable way to watch the final game and can attract customers who are looking for an entertaining and enjoyable experience. Here are some features of this business idea that could make it successful:

  • Provide snacks, drinks, or other refreshments
  • Choose a venue that has ample space to accommodate guests
  • Hire professional entertainment such as DJs, musicians, or dancers
  • Rent or purchase quality TVs or projectors to ensure guests have a great view of the game
  • Advertise the event to make sure it’s well-attended

7. Offer Online Discounts For Apparel And Tickets.

Offering online discounts for apparel and tickets is a great business idea for entrepreneurs who are looking for a way to make money and reach more customers. It allows customers to find great deals on their favorite items, and encourages them to shop more often. Here are some advantages of offering online discounts for apparel and tickets:

  • It puts your business in front of more people who are searching for discounts.
  • It gives customers the ability to save money while still getting quality products.
  • It encourages customers to buy a larger quantity of items, thus boosting sales.
  • It allows you to stand out among competition by providing customers with better deals and promotions.

8. Create A Scavenger Hunt With Clues Around The City.

Creating a scavenger hunt with clues around the city is a great business idea. It encourages exploration, fun, and collaboration among participants and can be personalized to meet different groups' needs. This activity can create a meaningful experience for customers and provide opportunities for local businesses, including restaurants, bars, attractions, etc., to advertise and increase their patronage. Here are some reasons why creating a scavenger hunt in the city would make a good business idea:

  • It provides an opportunity to explore the city from a unique perspective.
  • Customers can participate in an interactive and fun activity.
  • Local businesses have the chance to promote their services.
  • The scavenger hunt can be tailored to client needs and preference.
  • It is an effective way to build relationships with customers.

9. Introduce Custom March Madness Menus At Restaurants.

Introducing custom March Madness menus at restaurants is a great business idea. This is because it allows restaurants to capitalize on one of the biggest sporting events of the year, while also providing customers with unique menu items. Some benefits of introducing a custom March Madness menu include:

  • Creating unique menu items for customers to enjoy.
  • Offering specials and discounts to attract more customers.
  • Designing food options to go along with the sports theme.
  • Using marketing strategies to spread awareness about the custommenu.

10. Rent Out Sports Courts For Pickup Games.

Renting out sports courts for pickup games is a great business idea for those looking for a fun and profitable venture. It allows people to play their favorite sport without the hassle of organizing enough people or having to rent out the whole court. It is also a great way to make money while giving people the opportunity to stay physically active.

  • Renting out sports courts allows players to participate in pickup games without having to organize a large group of players.
  • It provides an opportunity for people to get physical activity.
  • It can be profitable and requires minimal overhead.
  • It offers a great way to socialize and stay connected with friends, family, and community members.
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Successful Examples of March Madness Businesses:

The March Madness business industry is comprised of many companies that are dedicated to making college basketball a popular sport for viewers across the world. Here is a list of some successful companies in this industry:

  • NCAA
  • CBS Sports
  • ESPN
  • The Athletic
  • Turner Sports
  • Stadium
  • SeatGeek
  • Seatability
  • Bleacher Report
  • March Madness Live
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