Thinking Bigger Business Magazine recently published an article written by Chris Brown regarding the legality of office pools on March Madness brackets. The article gave insight to the legality of gambling outside of regulated casinos and lotteries during the popular basketball season.
Madness in March: Is Your Office’s NCAA Pool Legal?
Each year, millions of Americans bet on brackets and join pools with co-workers and friends. But don’t be fooled: your $1 entry fee is probably a “bet,” and your odds of winning are largely dependent on chance. As a result, your actions probably constitute illegal gambling.
Nearly every jurisdiction in America outlaws gambling unless it is state-sanctioned (such as lotteries and regulated casinos). The laws are broadly drafted to include all kinds of actions in the definition of “gambling.” Generally, when one stands to win or lose something of value based on an outcome dependent on chance, he or she is gambling. That “something of value” can be just about anything, including the winner’s payout and the runners-up payouts of the friendly basketball pool. Plus, if you operate your pool online or across state lines, the federal government might also be unhappy about your actions.
