The Crazy Money in Gambling on NCAA Tournament Teams

[Franisdaman]

From ESPN.com:

Back in November 2018, a bettor wagered $1,500 on the Red Raiders to win the national championship at 200-1 odds at the SuperBook at the Westgate Las Vegas. The ticket would win $300,000. ESPN has confirmed with the SuperBook that the ticket is legitimate.

Now, the bettor is looking to potentially hedge his bet and cash out through PropSwap, a secondary marketplace that allows sports bettors to buy and sell their futures tickets. The ticket has been posted with a price of $65,000, which would be the largest cashout in the company's history (since 2015).

The SuperBook has set up its futures book well and isn't too concerned. "Auburn is our only liability, and a small one at that," SuperBook vice president of risk Jeff Sherman told ESPN.

Michigan State is a consensus 2.5-point favorite over Texas Tech at U.S. sportsbooks. As of Tuesday night, nearly 60 percent of the money on the spread and 93 percent of the money on the moneyline at William Hill US sportsbooks was on Michigan State.

Texas Tech would be a 2-point favorite over Auburn if both advanced, and a 3-point underdog against Virginia, per the SuperBook.

LINK: http://www.espn.com/chalk/story/_/id/26429940/1500-texas-tech-title-bet-net-300k

 

[HawkRugged17]

 

[Pepperman]

I can't even imagine how stupid that $1500 wager must have seemed back in November... of course it looks brilliant now. But I'm guessing whoever made the bet also had other wagers of a similar size on some other longshots, and we're not going to hear about how those all lost $1500 each.

Propswap shows up on my twitter feed every now and then when people like their tweets and it is amazing the size of some of the tickets you'll see, although I do think this is the biggest one I've seen for sale there.

 

[Hawk_4shur]

Wow, I'd take the $65K in a heartbeat. Of course, I never would have made the bet to begin with.

 

[CAhawki]

Once talked to a guy part of a $1mil pool out of Chicago. Each group or person ante’d 10k. Got to pick up to 4 teams. You could only pick 1 four seed or better... you got paid after each round based upong your teams “win”. Example: say 10 people took cinncy. Then whomever took Iowa would split that 100k.

Those higher seeds only saw ROI if they made deep runs.

 

[IowaHawkeyeFBnBB4Life]

I’d like to think someone who can make a $1,500 wager can afford it. Some can, but a lot of people who gamble can’t afford it.

 

[mtdew_fever]

Another way to think of it....

Before we give that dude too much credit, let's also assume that if he threw $1500 on Texas Tech to win it all, then he also had a lot of other crazy bets too. He is not getting rich off that one.

I’d like to think someone who can make a $1,500 wager can afford it. Some can, but a lot of people who gamble can’t afford it.

 

[chuck285]

If you can afford to bet $1500 on this type of bet and several others of the same amount than you have a really big gambling problem or most likely you have money to burn....See Michael Jordan, Mark Cuban

 

[4409]

I found out yesterday, that the dude that made this $1,500 wager on TT to win the NCAA tourney is my niece's husband, a rabid and wheel healed Texas Tech alum and fan. He is feverishly trying to find someone to buy him out at $60-65K. I'll report back when I hear the results/outcome.

 

[DirtyJohns97]

I’d like to think someone who can make a $1,500 wager can afford it. Some can, but a lot of people who gamble can’t afford it.

But is it really gambling if you can afford it?

 

[BurgHawk87]

I can't even imagine how stupid that $1500 wager must have seemed back in November.

How did you manage to stumble onto this nearly 4 year old post? And then you just copy pasted your response from the third response in the thread. Has there been a bot influx with the change in site name?

 

[Ronman]

We're talking about a bet made in 2018, right? The outcome should be well known by now. Or am I missing something?

 

[mtdew_fever]

That is so much fun that dude’s niece married an idiot.

 

[The Deplorable Sleeping Dog]

But of course, no officials would ever be on the take, not with billions of dollars on the table as an incentive.

 

[MadelynnPerez]

The NCAA tournament brings a lot of excitement, but it's essential to gamble responsibly. Have you ever considered using a gambling ad check to keep things in check? It can be a helpful tool to ensure you're enjoying the games without going overboard. Let's keep it fun and safe! 🏀🎲💰

 

[HawkRugged17]