Selection Sunday will signal the beginning of a gambling craze. As Warren Buffet offers a billion dollars to a perfect bracket, more and more people will interested in filling out brackets. As the country gears up for another year of March Madness its important to understand the impact that office pools have on employers and the communities. Obviously, not all office pools will result in gambling, however, a vast majority do involve illegal gambling. A USAtody article points to reports of online pools that take an entry fee and award cash and prizes. These pools may seem harmless but FBI spokesman Ross Rice explained that,‘“There could be a violation if there’s a payout and if the operators take a cut.” So how many people will engage in office pools this time of year and how will it impact work productivity? The St Louis post dispatch provides some good insight:
Nearly half of U.S. workers have participated in an office pool, and nearly a quarter have watched or followed sports events on their computer at work, according to a recent survey. 10 percent of employees have called in sick to watch or attend a game. 11 percent of workers aged 18 to 24 have participated in an office pool, compared to 77 percent of those 65 and older.
Very few employers offer guidance in their policies regarding office pools, even though it may mean taking a hit in terms of productivity, said John Heins, chief human resources officer for recruiting and staffing company Spherion Corp.
In terms of cost to employers, the Charlotte Observer points to a Chicago-based survey which says as much as $1.7 billion will be lost by employers in productivity, which breaks down to $109 million lost for every 10 minutes spent following the tournament. They believe there will be over 37 million workers participating in pools with 1.5 million watching games and results online from their desks.
The Charlotte Observer went on to quantify the financial impact of just the gambling. On the low estimates they point to Terry Elman, acting executive director of the Council on Compulsive Gambling in New Jersey, who said “As much as $750 million is wagered on the tournament in office pools each year.” On the high end, Lazer wager, an online sports, casino and entertainment gambling website, was reported claiming that, “with bracket pools ranging from $5 to $25 per person, office pools are now worth an incredible $2.5 billion.”
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