Yahoo Finance March Madness: Office betting pools on the rise
It happens every spring, with people throughout Canada and the United States spending thousands of dollars over a couple of weeks. It’s not March Break but March Madness. The NCAA Basketball Tournament now underway sees 68 American college teams fight for the title -- and sees office betting pools explode. And it appears that wagering at the workplace is more acceptable than ever.
Nearly 80 per cent of respondents in the Vault 2013 Office Betting survey say it’s appropriate to gamble in office pools. The career-intelligence company also found that 70 per cent of those surveyed admitted to participating in an office betting pool, while 81 per cent said they knew a coworker who has participated.
One in five workers have participated specifically in March Madness pools at the office, according to a 2012 survey by CareerBuilder.
“Business professionals are working harder to meet the demands of today’s workforce and need something that allows them to let off a little steam,” says Tara McCaffrey, Vault.com`s vice president of marketing.
“Office betting, done the right way, has the ability to bring coworkers closer together. When you build camaraderie in and out of the office using a social event like March Madness or the Academy Awards, it can enrich aspects of the actual workday, such as teamwork and project flow.”
Entering is cheap
The cost to participate is low, with 17 per cent of respondents in the Vault survey saying entry fees are $5 max. Thirty-eight of respondents say the entry fee is $10 or less, while 19 per cent say it’s between $11 and $25.
Winnings aren’t huge
Jackpots were reported at being between $51 and $100 among 22 per cent of respondents; between $101 and $200 among 15 per cent, and between $201 and $300 among another 15 per cent.
Total spent on betting is big
According to the American Gaming Association’s website, the FBI estimates that more than US$2.5 billion is wagered illegally each year on March Madness in the United States alone.
Cash isn’t the thing
Thirty-three per cent of respondents said they’ve won a pool in the past, but money doesn’t seem to be the main motivating factor. Eighty-one per cent of respondents say they play just to have some harmless fun at work, while 47 per cent are hoping to establish or improve office relationships. Forty-eight per cent say they play for a cash reward.
Not that distracting, really
Fifty-two per cent of those surveyed say they spend less than 30 minutes of their workday discussing, researching, and making their picks, while 15 per cent say they take up to an hour doing the same.
Twenty-nine per cent of those surveyed say they feel that office betting has a negative impact on work.
Forty-nine per cent say they’re not sure whether their company has any policy regardgin office pools, with another 11 per cent saying their company does have a policy in place and another 39 per cent saying their company does not.
Kind of good for morale
One in five people surveyed in a recent Office Team poll said betting activities tied to March Madness improve employee morale at least somewhat, compared to four per cent who viewed them negatively.
The majority (75 per cent) said March Madness events have no impact on morale or productivity.
Betting on anything
Sports dominate office betting pools, the Vault survey found, but nonsport-related wagers are common too, with a coworker’s pregnancy, award shows, and reality-TV competitions being the most popular subjects.
Workers surveyed in the Career Builder poll shared some of the most memorable office pools they have bet on:
Who would be the first person to drink too much at a company party
When someone would punch out the supervisor
How long the CEO’s fourth marriage would last
What fake illness a coworker would call in sick with
How long it would take someone to quit
When impending litigation would be filed against the company
Let us know what you think. Are office pools a good addition in the workplace? What are some of the most successful pools you've come across?
