I think that it would be a great idea.
Maybe a little more brainstorming over how you can make it a bit more of a "group" thing would be good. I don't know if there is enough different aspects that 10 guys could control on one team, but maybe 2 groups of 5 or so......Or make group/classroom lessons on the statistical breakdowns, variables, etc.
We had a different way of getting into math back in grade 5 or so. Our class was broken down into Contractors, and sub-contractors, for building a subdivision. Developers, Framers, Interior Designers, etc. I think that it was a great way for making math merge with the real world, and helped some kids find math interesting. I think that same can be done with this.
One way that you might be able to remove any gambling issues, is one: To talk about it, and secondly: to show how variable and impossible to predict Sports are. If people could make steady money at it, all the bookies would be broke, and the Government wouldn't be running/profiting Sports betting. The Casino's in Vegas didn't get so luxurious from giving away money.....