SOURCE: MarketWatch

(New York, NY) — Didn't win the office Oscar pool? Don't worry, here's always March Madness. The famed NCAA college basketball tournament gives die-hard and fair-weather fans alike a chance to earn some cash by correctly predicting the outcome.

In fact, so many workers across the country participate in office March Madness pools that it could result in $1.2 billion of lost office productivity, according to research firm Challenger, Gray & Christmas.

But that doesn't mean you have to lose money, even if the odds are stacked against you. You can improve your chances by following a few tips from Money magazine.

In the first two rounds of the tournament, it pays to go with the highest seeds. Saint Louis University math professor Bryan Clair advises that early in the tournament, opt for the top picks unless you really think a lower seed is better. If you make a mistake early in the game, that could spell trouble for your wallet. (If the team you picked to lose in an early round makes it to the finals, you're going to pay.) Because most pools award you more points for correct picks as the rounds advance, it's usually best to go with the top seeds.

But when it comes to the championship game, Clair has studied the probabilities, and they're not what you'd think. Most people will choose first- or second-seeded teams to win the tournament. But if you pick the third, fourth- or fifth-seeded teams, you actually have a decent chance at winning. And, if the underdog does win it all, you'll have less competition for the prize pot because most bettors will go with the top seeds.

The tournament gets under way March 15 and 16, with the championship game set for April 2 in Atlanta.