There is no denying the popularity of the annual NCAA Division I men’s basketball tournament, better known as “March Madness” and its attendant NCAA bracket pools. Stakes are even higher this year with Warren Buffet’s recent announcement that he will give $1 billion to anyone who successfully picks all 64 team brackets. While not quite as high stakes as the Buffet challenge, participating in NCAA bracket pools is somewhat of a national pastime with no shortage of workplace pools for cash prizes. The 2013 Vault Office Betting Survey estimates that 70% of employees have participated in a betting pool in the workplace—most commonly March Madness at 69%. If your employees are playing for more than mere bragging rights, this could implicate a number of legal issues for your company.
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