March Madness Betting Bonanza: Public Bets Pay Off Big in Unpredictable Tournament
Another March Madness wagering season is concluded. It is been a huge three-week festival for the betting masses, with the public using the UConn bus the entire time.
Which is leading to a bit of a hangover for most sportsbooks.
“Overall, the tournament was the worst I’ve seen. The public had a field day,” said Zachary Lucas, director of retail sports for TwinSpires Sportsbook.
Following Connecticut’s decisive victory over Purdue, 75-60, in Monday night’s championship game, a number of oddsmakers provided a summary of the 2024 March Madness odds market.
‘Wisely Backed UConn’
BetMGM Nevada couldn’t avoid the massive wave of public action on UConn throughout the NCAA Tournament. But there was one semi-saving grace for BetMGM’s Las Vegas operation.
“We took a six-figure wager on Purdue that is going to keep tonight’s game from being a complete disaster,” BetMGM Nevada’s Scott Shelton said postgame Monday night. “It was actually an in-game bet, maybe two minutes after the start.
“Pregame, it was all UConn. The public wisely backed UConn all tournament, and tonight was no different.”
Purdue +6.5 was the play’s six-figure wager. The Boilermakers trailed 36-30 at the half, just barely inside that point differential. They never did get nearer.
UConn led 54–40 halfway into the second half, and the Huskies extended their lead to 18 on many occasions.
For BetMGM nationally, the result was also very favorable for the customers.
“There’s gonna be a lot of happy bettors with UConn -6.5/-7.5,” BetMGM trading director Seamus Magee said.
With their win on Monday night, the Huskies will enter the 2023 and 2024 NCAA Tournaments with an unparalleled 12-0 straight up and against the spread record. And twelve victories came by double digits.
As noted pre-tourney, Houston furniture magnate Jim “Mattress Mack” McIngvale has the two greatest March Madness futures bets. In February, McIngvale put $1 million on Houston +750 to win the title, at Caesars Sportsbook. Then, just before the tourney began, he made another $1 million bet on Houston +750 at DraftKings Sportsbook.
Those bets busted when Houston lost to Duke 54-51 in the Sweet 16.
The biggest remaining championship bet at that point: $600,000 on UConn +360, made pre-tourney at DraftKings by Barstool Sports founder Dave Portnoy.
Portnoy gained $2.16 million, for a total payment of $2.76 million, thanks to UConn’s dominating second half. With that type of scratch, not a terrible return on investment!
In a Nutshell
Shelton echoed Lucas’ sentiments in wrapping up how the last three weeks unfolded for BetMGM Nevada.
“Overall, the tournament was an up-and-down affair, with the public more than holding their own,” Shelton said.
Most bookies have already posted their March Madness 2025 odds. Duke and Kansas are the +1100 favorites to win the upcoming NCAA Tournament, according to BetMGM. As the +1200 third pick, UConn sits directly behind Duke and Kansas, hoping for a three-peat.
Rounding out the top five are Houston (+1400) and North Carolina (+1600). Purdue is the co-10th choice at +2500.
Patrick Everson is a sports betting analyst for FOX Sports and senior reporter for VegasInsider.com. He is a distinguished journalist in the national sports betting space. He’s based in Las Vegas, where he enjoys golfing in 110-degree heat. Follow him on Twitter: @PatrickE_Vegas.