While the NCAA men's basketball tournament may seem like a harmless diversion in the office, employers should be aware that it could lead to serious problems like lost productivity and a rise in problem gambling, according to Marie Apke of Bensinger DuPont & Associates, Inc., a Chicago-based provider of employee assistance programs.
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Download NowShe cites a 2004 report by Challenger, Gray & Christmas, which calculated that employers lose more than $1 billion in productivity during the span of the tournament, commonly known as March Madness.
Apke says that her firm has found a rise in phone calls about problem gambling after the start of the tournament.
"A recent review of our Problem Gambling Help Line indicated a 35 percent increase in calls related to sports betting around the time of the 2005 NCAA tournament," says Apke. "Gamblers get kinetic and frenetic during the tournament."
Apke also cautions that March Madness office pools could lead to problems down the road.
"While one bet a year doesn't mean a person has a problem, seemingly innocent office pools are often catalysts for some people to become involved in sports betting because they get a taste of the world of gambling. "