SPRINGFIELD, Mass. (WWLP) — March Madness is officially in full swing with the NCAA men’s basketball tournament about to tip off.
The American Gaming Association is estimating that Americans will wager $9.2 billion on March Madness this year. That number is up from last year — with much of that madness happening in the workplace.
A report by Challenger, Gray & Christmas estimates that more than 50.5 million American workers, or 20 percent, could participate in office pools this year. The loss of productivity in the opening week of March Madness could cost employers nearly $4 billion in lost revenue.
According to the report, each hour of the workday wasted on building brackets or watching games will cost employers $1.3 billion.
This article originally appeared on WWLP.com. WWLP is WOOD TV8’s sister station in Chicopee, Mass.