Around this time every year, articles appear exhorting employers to be very cautious about permitting the annual office betting pool for the NCAA men’s basketball tournament, affectionately known as March Madness. Granted, many of these articles are written in states where office pools are strictly illegal.
While one of the rites of spring for many college students and office workers has long been betting in NCAA college basketball tournament office pools, taking those bets to social networks could cause problems with the FBI , according to a published report.
The Chicago Tribune reported that March Madness office pools on social networks has caught the attention of the FBI because Internet gambling is illegal. “There could be a violation if there’s a payout and if the operators take a cut,” an FBI spokesman told the Tribune. Read more
March Madness is the nation’s largest gambling event. Conservative estimates project that more than $2.5 billion will be wagered on the tournament, which easily doubles the estimated amount bet each year on the Super Bowl. More importantly for employers, March Madness costs anywhere from $1.4 billion to $3.8 billion in lost employee productivity each year.
Please be careful when participating in this yearly event:)
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