When March Madness rolls around, employees at the Regency Group in East Lansing mean business.

"It's $10 per bracket, and if you submit 3, it's $20."

Company CFO Marty Wolford has been planning his office pool for fifteen years.

"The top bracket with the most points will pay 60% of the pot, the second place pot will pay 30%, and then the third place bracket will pay 10%," Wolford says.

Sixty-four NCAA teams play for three weeks in single elimination madness. Employees set up brackets with their picks for the championship game. Wolford says it makes for friendly competition in the workplace.

"We all joke with one another," says Wolford.

But one Lansing attorney tells us if money is involved, setting up brackets and pooling bets are illegal, no matter how harmless. But he says the law isn't strictly enforced.

"We all wink, wink, nod, nod," says attorney Brian Morley from Fraser Trebilcock Davis & Dunlap LLC. "It's fun. It's enjoyable. How do we get away with it? I guess, it's not wrong until you get caught."

Morley advises to keep bets in moderation.

"If it's the office pool that's done twice a year for football bowl games in the winter and March Madness in the spring, and it's understood that these are not thousand dollar bets, and it's fun and harmless," Morley says.

Wolford tells us his company pool is just a fun diversion.

"It's an exciting time. It's a good way to usher out winter," says Wolford.

And no better way to welcome spring, Wolford says, than with March Madness basketball.