Connecticut Sportsbooks Bailed Out Due to In-State College Sports Ban
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There’s one group relieved that they couldn’t take bets on the now-national champion UConn Huskies: Connecticut bookmakers.
In the state of Connecticut — along with Illinois and New Jersey — bettors can not place wagers on sports teams affiliated with in-state universities.
So, no one in Connecticut was able to wager on the Huskies throughout the NCAA Tournament.
If bettors had been able to, sportsbooks would have been left heavily in the hole.
Fans in states with rooting interest disproportionately wager on their teams.
Pennsylvania sportsbooks kept a whopping 35.2% of all money wagered within its state on the Super Bowl — an all-time hold percentage record for the big game — after the Eagles lost to the Chiefs.
And think about the fact that Pennsylvania has two pro football teams.
UConn basketball is pretty much all they have in Connecticut.
While specific figures weren’t disclosed for Connecticut, the Action Network projected about $45 million would have been won by in-state UConn basketball futures, factoring for betting data in other states.
“People in home states want to bet on the hometown team and if they don’t have that option, they’re probably going to illegal and offshore accounts to do so,” one sportsbook representative told the Action Network.
San Diego State futures in Connecticut paid out in full because of the in-state college sports ban on UConn. So, those that wagered on the Aztecs to win the NCAA Tournament were paid out as high as 80-1 — San Diego State’s pre-tournament mark.
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