March madness is a reference to the playoff games in college basketball in the US. The playoffs are in March and people get crazy about it, hence the term.
The bracket is the system of playoffs. With these types of tournaments people fill out who they think they will win (and make bets). This person’s bracket was the first to turn out wrong (“busted”) resulting in them losing some kind of bet.
InterfaceBE t1_jdu0jrd wrote
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March madness is a reference to the playoff games in college basketball in the US. The playoffs are in March and people get crazy about it, hence the term. The bracket is the system of playoffs. With these types of tournaments people fill out who they think they will win (and make bets). This person’s bracket was the first to turn out wrong (“busted”) resulting in them losing some kind of bet.