March Madness is prime betting time --- especially in US workplaces.
Over $12 BILLION is expected to be bet on college basketball throughout the 2008 NCAA Tournament, according to R.J. Bell of Pregame.com. While much of the betting will take place in Las Vegas and online ---- office pools will be popping up in workplaces nationwide.
Estimates of how many workers join office pools vary:
" According to the NCAA, more than 10% of Americans participate in March Madness "office pools. (www.americangaming.org).
" Nearly 50% of all U.S. workers have participated in an office pool at some point, according to a recent survey by Spherion Corp., a recruiting and staffing company based in Fort Lauderdale, Fla.
" Career information specialists Vault.com estimates that number to be higher ---- with 57% of workers participating in "March Madness" office pools.
Despite the differing estimates, two things are certain: (1) March Madness impacts office productivity, and (2) so-called "harmless pools entice potential problem gamblers.
Each year, Chicago-based placement firm Challenger, Gray & Christmas Inc. forecasts the impact of time spent checking pools, updating brackets and watching the games. This year, they estimate that employers nationwide will lose about $101 million in productivity for every 10 minutes their employees spend on tournament related details. That means that with as many as 37.3 million workers participating in March Madness office pools, the 16-day college basketball tournament will cost employers almost $1.7 billion in lost productivity, up almost half a billion dollars over last year.
Why the jump in the impact of March Madness in the workplace? One reason may be that this year, the tournament games will also be streamlined online for free --- and Challenger, Gray & Christmas estimates that up to 1.5 million people will watch games online from their desks.
Easy online access may also exacerbate issues related to problem gambling. Employees' ability to watch the games with co-workers and get up-to-the-minute results adds to the rush people get from gambling
This is why seemingly innocent office pools are often catalysts for people who have never gambled and who start betting because they get a taste of the world of gambling. Many of these individuals will become addicted to the action, the thrill of winning and, eventually, may become problem gamblers. In fact, 36% of employees who participate in office pools named "to win money" as the primary motivation for joining, according to a recent Spherion(R) Workplace Snapshot survey conducted by Harris Interactive(R).
For many employees, the office pools will remain a way to enjoy the March Madness season and have fun with co-workers. For compulsive gamblers --- and even recovering gambling addicts ---- these kinds of sporting events can be detrimental. Taking a proactive stance will enable organizations to spot problem gamblers, get them the help they need, and reduce the potential negative effects that problem gambling can have in the workplace:
" Create a workplace gambling policy: A clear, consistently applied policy defining what activities are prohibited and permitted can go a long way toward ensuring workplace gambling does not spin out of control.
" Provide awareness training: Without awareness, problem gambling will not be detected. The signs of a gambling problem are seldom identified as gambling related. Training can help employees and employers to recognize the warning signs and be prepared to offer appropriate assistance.
" Make problem gambling counseling available: Problem gambling is a serious mental health disorder that needs immediate and appropriate attention. At-risk employees can get the confidential help they need from a company's employee assistance program.
