Bloomberg Businessweek

Ready to Bet on March Madness

The startup Action Network prepares for sports betting to come out of the shadows

When the odds came out for the game between Duke and the University of Virginia in January, it was a seismic event at the Action Network’s offices in New York. The staff at the digital media startup had been waiting for days to find out who was favored to win the matchup between two of college basketball’s best teams. When the news broke on a Friday evening that oddsmakers favored Duke by four points, pandemonium broke out. Reporters and editors scrambled to publish stories—and place bets of their own. “They were screaming, like, ‘Oh

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