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In a couple of days, millions of diehard college basketball fans and Kalshi gamblers—er, sorry, prediction market enthusiasts—will pack their local bars or plop down in front of their TV sets to binge the NCAA basketball tournaments. March Madness is an annual ratings bonanza, with viewership in 2025 surging to a multidecade high. But there’s an emerging question in media C-suites regarding how fans will watch.