Office pools popular where you work? Your results from the NFL and Oscar pools not so hot? You still have a chance to scoop the NCAA Basketball March Madness pool from your work colleagues. The NCAA tournament starts March 15 and the championship game will be played on April 2. This time of year is insane for online sports books, second only to the NFL season. The NCAA college basketball tournament also gives both college basketball experts and fans alike a good chance to earn cash and most importantly bragging rights around the water cooler.
Challenger, Gray & Christmas is a U.S. based research firm, and their studies show that up to US$1.2 billion in productivity could be lost this year due to office workers participating in March Madness pools.
That is a lot of employees spending a lot of time concentrating on things they should not.
But all of this doesn't mean you don’t have a chance at winning the pool where you work.
Money magazine published some good tips based on common sense and respected Saint Louis University math professor Bryan Clair contributed to the picks. Clair advises to go with the highest seeds in the first two rounds of the tournament. Most office pools utilize a format that awards more points for your correct picks as the rounds advance. So it's usually best to go with the top seeds. Professor Clair studied the probabilities for the championship game, and it may go against what you may be thinking. Many pool entrants will select first or second-seeded teams to win the tournament. However, if you pick the third, fourth or fifth-seeded teams, you will have a good chance at winning. Importantly, if the underdog does take the top place, you will have less competition for the prize pool as most entrants would have backed the top seeds.
