TL;DR: Concrete solutions in bold below.
It's not a waterproof watch. You'll have to accept this. If you insist on wearing it around water, then you need to decide if the risk is worth the benefit. "Life hacks" can't make the impossible possible, regardless of how badly you want it to be possible.
Wrapping it in something waterproofWrapping it in something waterproof, as you are already doing, reduces - but does not eliminate - the risk. That's about all you can do.
Most answers to this question will be suggestions for answerers' various favorite water-resistant material, generally some form of plastic in a bag, sheet, or box-like shapesome form of plastic in a bag, sheet, or box-like shape; anything that fits this description will do. Choose your favorite and wrap away; hopefully you can find various appropriate materials around you without having to have them all explicitly listed here.
(Also, the best solution to the problem of your friends ruining your watches with water is to rethink letting your friends have access to your non waterproof watchesrethink letting your friends have access to your non waterproof watches.)