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This this is a particularly mysterious thing if you are a foreigner or not a sports fan. you are talking about predicting games you don't even know which teams are going to be playing. setting up a chart, you can see it on our screen, tell us about it. how hard is it to do? how many people are doing it? how much studying, planning, arguing, goes into brackets. >> just about every office in america is competing in a brackett pool. even my ten-year-old son has filled one out. to give you an idea how hard it is predict these things, college basketball is my thing, i study it all my time. my ten-y...

Four days, john and jenna, the big downtown. >> you've already got your spring pink on. >> yes, i'm trying very hard. >> or fuchsia, what do we call that? >> it's the only thing i can do to try to bring spring to us in this forecast. >> boston, hang in there. july is coming. thank you, janice dean. we know spring is here and you're preparing your brackets, aren't you? march madness has begun. and you won't believe how much money those office pools bring in. that's next.

You that i wasn't aware of, march madness is over. my bracket -- i led more with my heart than my head. >> too bad. >> but for those who cleaned up in their office pools and for those who play fantasy sports, you have to report those winnings to the i rchlrs, also? >> yes. you can't just fly under the radar here. you have to pay taxes on fantasy sports winnings. this is actually on the honor system a bit. if you're playing through a bonafied sports system, you get a form in the mail. otherwise, you should technically, technically be doing it yourself. believe it or not, surprise, surprise. mos...

March madness television ratings at the highest in more than 20 years. the president of the united states filling out a bracket on tv, grandmothers and office pools. what do you think makes it so compelling, this tournament? >> the dmt tournament is amazin. i first fell in love with the game of basketball because of this ncaa tournament. great plays, story lines that emerge each year. the upsets. this final four, to me, embodies everything that's great. experience, great guys, so many story lines. the fact that you if lose, you go home. and it's just fascinating to me and every year, regardles...

Welcome back, everybody. it is time to set up your office pools. the march madness brackets are set. the ncaa committee has spoken. the florida gators are the number one overall seed. virginia in the east, the arizona wildcats in the west and the undefeated wichita shockers in the midwest. it was really an emotional afternoon for the virginia team. earlier in the day they defeated duke to win their first acc title. on the way home for the game the team stopped at a restaurant for the tournament announcements. here's the reaction. >> the ncaa, the east region, fourth overall number one seed is ...