Betting Up, Productivity Down During March Madness
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MIAMI (CBSMiami) — March Madness is in full swing and the players on the court aren't the only ones with something to win.
A study from CareerBuilder found 15 percent of workers have filled out a bracket and entered an office pool. That's a four percent jump from last year.
The survey found managers and IT workers are the most likely to jump into an office pool.
One thing is to fill out a bracket; another is to put money down.
The American Gaming Association says the average bet per bracket is fewer than $30.
With money on the line, plenty of employees will watch games at work.
Because eyes will be glued to the TV or online stats sheets, businesses are expected to lose nearly $2 billion in productivity during the tournament.
"Oh, who gets work done in March Madness? No one gets work done," said Harold Yoesoep.
For those hoping to predict every game correctly, it's a long shot to say the least.
According to a DePaul University math professor Jeff Bergen, "there are 9 quintillion ways to fill out a bracket, so you basically have no chance if you're just guessing."
But what if you make an educated guess?
"One in 128 billion," Bergen added.
President Obama is even taking his chances.
"That's it guys I'm winning the pool," he said.
President Obama's bracket is one of an estimated 70 million brackets that will be filled out this year.
More than the number of ballots cast for him in 2012 presidential election.
