March Madness Office Pools Costs Employers $1.8 Billion

Written by:
Alejandro Botticelli
Published on:
March Madness Office Pools

Most work places this week have partaken in the annual ritual of setting up March Madness office pools while the more savvy employee uses his or her Web-enabled phone to place March Madness bets online at establishments like Sports Interaction.com (the first licensed online bookmaker in Canada).

Reality check:  Sports bettors will typically wait until they get home or take their lunch breaks to place bets on March Madness.  The cost factor to employers comes into play as a result of work force productivity declining drastically.  The March Madness office pool is all too time consuming an affair.

Challenger, Gray & Christmas's annual report on workplace productivity losses during the wildly popular hoops tourney provided the ominous figure of $1.8 billion drained.

"For the nation's employers," states the Challenger March Madness report, "the men's college basketball tournament, better known as March Madness, marks the arrival of several other annual rituals: employee-organized office pools, a potential dip in productivity and a marked decline in Internet speed, as workers soak up bandwidth watching live streaming broadcasts of the tournament games during office hours."

They substantiate such claims with factors such as employee dithering for a minimum of 20 minutes per work day as they mull over their losing brackets.  But that's just the beginning.  In today's tech-savvy world, employees can now watch the games live on their laptops, PC's and portable devices.  With the tournament getting underway Thursday, those 20 minutes of distractions may quickly turn into an hour plus.

"Keep in mind that it is nearly impossible to gauge the impact of March Madness on productivity in an information-based economy where workers possess portable technology that allows them to work from anywhere and any time. This estimate is probably about as accurate as the point spreads computed by Las Vegas bookmakers," Challenger notes. "Those who insist there will be no impact are kidding themselves. It might be a slight drop in output or it could be slow Internet connections as bandwidth is sapped by employees watching streaming feeds of the games."

Office pools may not even be legal whereas placing a bet online IS.   That's because the office pool encompasses placing and receiving "bets" and ultimately paying them out all within the confines of an office space located within the United States.  Online gambling involves the acceptance of wagers outside of US soil where it is legal.  Placing bets on US soil via the Internet is not illegal in most states unless you happen to reside in Washington State where it is indeed a felony.

In practical terms, the risk of prosecution is close to zero, but then again.....  Some say Big Brother is watching more than ever before today.

Alejandro Botticelli, Gambling911.com  


Business/Financial News

Rest in Peace Bitcoin?  Not Quite

Rest in Peace Bitcoin? Not Quite

Bitcoin ain't dead yet, nowhere near. Bitcoin is currently sitting at a $115 Billion market cap with each Bitcoin currently being worth $6,728.33.  The last time we saw a price point similar to this level was in early February, just 4 months ago. During that same month Bitcoin bounced back to over $11,000.

Inside the Cryptocurrency Revolution

Inside the Cryptocurrency Revolution

Vice News on HBO is set to premier a segment on the "Cryptocurrency Revolution", more specifically detailing Genesis Mining. 

Bitcoin Blockchain Acceptance Updates

Use of cryptocurrencies can be done anonymously.  Companies like JazzSports are leading the way by promoting anonymous accounts that only require a valid email account.  Payments are through a virtual wallet using the blockchain.  This means it no longer matters where the actual customer physically resides.

Bitcoin Purported Founder Craig Wright Says His BTC Fortune May Remain Locked

Bitcoin Purported Founder Craig Wright Says His BTC Fortune May Remain Locked

The man who claims to have invented Bitcoin and was ordered by a judge to surrender approximately $3 billion of his Bitcoin holdings says he can't, at least not any time soon.

Make Money as a Bookie

If you are looking to make money as a bookie then you will need two things, players that want to bet with you and a website where your players can make wagers on.