College Basketball

2024 March Madness betting recap: 'The public had a field day'

Updated Apr. 9, 2024 11:32 a.m. ET

Another March Madness betting season is in the books. With the public riding the UConn bus throughout, it’s been a big three-week party for the betting masses.

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.

In the wake of Connecticut’s 75-60 rout of Purdue in Monday night’s championship game, multiple oddsmakers chimed in to recap 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."

The six-figure play was on Purdue +6.5. By halftime, the Boilermakers were barely within that point spread, trailing 36-30. They never got any closer.

Midway through the second half, UConn led 54-40, and the Huskies pushed the lead to 18 multiple times.

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.

Monday night’s victory gave the Huskies an unrivaled record of 12-0 straight up and against the spread across the 2023 and 2024 NCAA Tournaments. And all 12 wins were by double digits.

UConn defeats Purdue to win back-to-back NCAA National Championships

I Like Big Bets and I Cannot Lie

As noted pre-tourney, Houston furniture magnate Jim "Mattress Mack" McIngvale had the two largest March Madness futures bets. In February, McIngvale wagered $1 million on Houston +750 to win the championship 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.

UConn’s runaway second half made it a no-sweat bet for Portnoy, who profited $2.16 million, for a total payout of $2.76 million. Not a bad ROI if you’ve got that kind of scratch!

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.

March Madness 2025 odds are already on the board at most sportsbooks. BetMGM has Duke and Kansas as +1100 favorites to win the next NCAA Tournament. UConn, aiming for a three-peat, is right behind Duke and Kansas as the +1200 third choice.

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.