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Mar 12, 2007 10:41 pm US/Pacific
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March Madness Bets To Cost Billions
by Sue Kwon
(CBS 5)
March Madness begins Thursday. Let the games and the gambling begin.
The FBI estimates March Madness fans will wager more than $2.5 billion in illegal bets. Betting pools are illegal in most states including California.
The NCAA predicts more than 10% will participate in office pools. The "hoopla" is happening online and in front of the boss.
Nadine Jiha is a law office manager who hosts a March Madness barbeque and bracket challenge.
"The Gators will go back to back and I'll bet $10 on that," she said about this year's tournament.
She's not the only office worker betting on college basketball.
There's an estimated 23-million working college basketball fans with internet access.
CBS SportsLine.com is offering the games online. The website has a way for employees to avoid getting fired with a "boss button". Click on it, and a mock spreadsheet pops up to make the boss think you're actually working.
The workplace consulting firm Challenger, Gray & Christmas estimates March Madness will cost companies at least $1-billion dollars in lost productivity.
"I try not to let people have brackets open all the time, but we post it on cubes," Jiha said. "It's good for comradery and bonding."
If your boss isn't as cool as Jiha, betting from home is a growing option.
Online gambling site BayBets.com expects 90% of traffic to be related to the tourney.
"It's convenient to do online gaming you don't have to go to Vegas," spokesperson Rebecca Schetter said. "You don't need a bookie. Nobody needs to know."
She studies the stats, but roots for the hometeam.
"I want Stanford to win. I'm a fan of the Pac-10," Schetter said.
Not all companies are playing ball. 6% will actually block March Madness websites at work.
CBS5.com is hosting a bracket challenge where viewers can compete against on-air personalities. It's legal because it's for bragging rights, not cash.
(© MMVII, CBS Broadcasting Inc. All Rights Reserved.)