Articles over the last ten years have been posted online all surrounding one topic: the loss of productivity during the hyped up “March Madness.”
With March Madness comes billions of dollars lost with companies all across the world.
In 2017, 70 million tournament brackets were filled out for March Madness, accounting to $10.4 billion wagered in total, which caused unproductive workers amounting to $6.3 billion in corporate losses according to an article published by CNBC. All of the time being spent filling out sports brackets instead of doing their 9 a.m. to 5 p.m. job they are hired to do has a negative impact.
A study done by Fortune showed that people spend 25.5 minutes per day monitoring the games, checking game scores and team rankings.
It’s estimated that loss of productivity will cost employers billions in revenue during March Madness.
Haven’t heard that news?
Sorry, we were watching the game. https://t.co/BS0gOIc2Vk
— Kristen Boxman (@KWCHKristen) March 17, 2018
Alicia Jessop, a sport law professor for Pepperdine University, is tweeting out the college basketball finances for each school. It includes the revenue earned, and the expenses of hosting the games. UCF was one of the schools who reported a net loss.
So is March Madness really a good thing for our society?