Sportsbooks Sweep Up Profits Amid Underdog-Laden Final Four
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This Final Four is riddled with underdogs, which is good news for sportsbooks across the country.
Of the top 12 most bet teams to win at BetMGM, only one — UConn — is remaining. The Huskies, which opened at 66-1 to win it all, garnered 6.2% of the bets in the pool.
And despite opening at 66-1, the majority of the money came in the leadup to the tournament, when UConn was hovering at around 21-1 or 22-1.
That 6.2% mark is about the same at PointsBet, where only 6.9% of the money is on the Huskies to win it all.
If UConn don’t end up winning the NCAA Tournament, there’s no doubt that sportsbooks would have their most profitable futures pool in modern history. As of now, San Diego State, Florida Atlantic and Miami only represent a combined 6% of the entire pool.
This is the just the fourth-ever Final Four to not feature a No. 1 seed. Florida Atlantic had been as long as 120-1 to win it all two weeks ago. San Diego State was around 85-1 pre-tournament, while Miami sat at roughly 45-1.
PointsBet said the biggest “UConn to win” bet they have is $225 at 80/1 to win $18,000. But even with that payout, the sportsbook is set up to win massive after every other public favorite has gone down.
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DraftKings took a hit Sunday from two people doing a four winner region parlay. The bigger bet of the two was for $25 on all four schools to make the Final Four. It returned $26,854.
It’s not as if no one took the underdogs. In December, a bettor in Illinois made three $100 bets at 2500-to-1 and one bet at 500-to-1 on Florida Atlantic at Caesars. The stash would return $800,000 if the Owls pulled it off.
It’s a large sum, but it pales in comparison to what each sportsbook will profit on March Madness when the final numbers are crunched in early April.
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