General view of a March Madness basketball

(Kim Klement-USA TODAY Sports)

Report: March Madness Brings Money, Loss of Productivity

WalletHub says billions of dollars are gained and lost

Brian Feldman
March 14, 2018 - 6:37 am

ST. LOUIS (KMOX) - March Madness is here. The single elimination tournament in college basketball's postseason (which pits 68 teams into one bracket) is among the most well-known sporting events in the United States. 

It brings in billions of dollars -- it also means a loss of productivity in the workplace.

Related: March Brings 'Vas Madness' for Urologists

According to a report by WalletHub, all the time people spend on their brackets instead of, you know, actual work, amounts to an estimated $6.3 billion in corporate losses.

A separate survey called March Madness the third biggest distraction in the workplace all year, behind only texting and Facebook. 

But it does bring in money -- there is no question about that. WalletHub estimates 70 million brackets were filled out last year, with more than $10 billion wagered in total. That's about twice as much as the Super Bowl.