March Madness costs employers billions, but boosts morale

INDIANAPOLIS (WISH) — March Madness kicks into high gear Thursday, but you might be surprised at how much money is at stake.

16 NCAA men’s basketball tournament games will be played Thursday and then another 16 Friday, many during work hours. Research shows a lot of people who should be hard at work, will actually be finding ways to watch the games on the job. 14 percent will actually contemplate calling in sick, just to make sure they don’t miss the action.

The American Gaming Association estimates 40-million Americans will fill out a total of 70-million brackets and bet more than two-billion dollars on the tournament. Many of those bets are part of office pools, but it’s not just those taking part in the bets that are going to be out a few dollars. Experts say the cost in lost wages paid to distracted and unproductive workers could hit $1.9-billion this year and some say that’s a conservative estimate.

“These games really are all encompassing, thankfully they really are only 21 days long, so things should hopefully return back to normal after the final game,” Trae Bodge, senior editor for RetailMeNot.com, said.

March Madness isn’t all bad for the office place. Experts say while it will cost employers money, office pools can actually foster camaraderie and even boost morale. But don’t expect your tidy, well-thought bracket to stay that way for long. It’s been said the odds of nailing a perfect March Madness bracket are about one in 9.2 quintillion, that’s a billion, billion. You’re more likely to win the lotto or even become an NBA basketball player.