One-third of U.S. offices bet on NCAA hoops

March 17, 2005 at 5:35 PM

CHICAGO, March 17 (UPI) -- One-third of American workplaces double as gambling venues for the NCAA men's basketball tournament and most pools run off of company computers.

But, while gambling is illegal in most states and is considered by many to be a moral hazard, it's not uncommon for bosses to look the other way -- or even place their own wagers, the Chicago Tribune reported.

The volume of March Madness office betting is now greater than the amount of funds exchanged by coworkers each year during the Super Bowl.

"There's nothing that comes close. It's No. 1," said Las Vegas-based oddsmaker Keith Glantz.

There is reason for office workers to endeavor to keep their NCAA fun out of the spotlight. First National Bank of Chicago Chairman Barry Sullivan was forced from his job after revelations of an illicit $64,000 college basketball pool for top executives complete with a bank-funded cocktail party and dinner.

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