NCAA bets are often illegal

But it’s unlikely anyone was arrested last year for taking part in the office pool, and it’s unlikely anyone will be arrested this year or anytime in the future.

According to Pregame.com, wagering on last year’s March Madness tournament likely exceeded $12 billion, more money than was riding on the 2013 Super Bowl. But it’s unlikely the police will be raiding the office. Of that, $3 billion was estimated to be put into office pools of tournament brackets.

One law professor wrote that it’s best to avoid serving as the pool administrator–the person collecting and handing out prize money. . That is billion with a “b”!

–By CNBC’s Mark Koba. Follow him on Twitter

@MarkKobaCNBC

. March Madness pools have become part of office culture, like picking the Oscar winners every year–which in theory falls under the same laws as March Madness pools.

In other words, play at your own risk. Meanwhile, Thompson Knight’s Campiti said that as long as employees don’t have to pay an entry fee to participate, the contests shouldn’t involve illegal “betting,” at least under Texas law and that “a safer course is not to require anything of value to participate, even though distributing a prize to the winners would be OK.”

(Read more: Football clubs can’t buy success: Study)

Better yet, focus on trying to win the $1 billion pot from business guru Warren Buffett for the perfect bracket

Amelia Woodward

Amelia Woodward

Hopefully you will now be less likely to fall for a system that doesn't work. There are systems that can and will bring you rewards but it is imperative that you know what you are buying first.
Amelia Woodward

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