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Noun: A momentous tragic breakdown of one's betting bracket. Often referring to NCAA's March Madness when fans fill out brackets to track the progress of a tournament.
After all the upsets in today's tournament games, many fans will certainly suffer a brackatastrophe.

Losing all 4 final teams in the round of 64 was a true brackatastrophe.
by Scrilla100 March 20, 2010
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