The real March Madness

The term “March Madness” was coined in 1939 by an Illinois high school official named Henry Porter, but it didn’t relate to the annual NCAA basketball tournament until 1982, when broadcaster Brent Musburger put it in play.

Musburger was referring to the drama that comes with 68 teams competing in the single-elimination event, now underway. But here’s the real madness: Americans will legally wager...