Your March Madness pool is probably illegal

Your March Madness pool is probably illegal

Adam Jeffery | CNBC

An estimated 50 million people reportedly took part in March Madness office pools last year, and the number should be about the same this time around. And those people may be breaking the law.

Trying to pick the winner of college basketball’s men’s national championship tournament, while avoiding bracket-busting losses along the way, can be downright exhausting and time consuming.

In fact, companies are expected to lose at least $1.2 billion for every unproductive work hour during the first week of the tournament,according to global outplacement firm Challenger, Gray & Christmas.

So is it legal?

“The answer lies in the legal meaning of ‘bet,’ ” said Tony Campiti, a lawyer with Thompson & Knight in Dallas.

The Daily Payoff
Authored by: The Daily Payoff
Website: Tanner Simkins

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