Barstool Sports founder Dave Portnoy won $2.76 million by placing a $600,000 bet on the UConn Huskies winning the NCAA men’s championship game. The bet, made as a moneyline wager before the tournament began, paid off at 3.6-to-1 odds, requiring UConn to win six straight games. This massive win was celebrated by Portnoy on social media, calling it “the greatest bet of my life” and “the biggest win of my life by a mile.” Barstool Sports has a multiyear deal with DraftKings, who confirmed taking the bet.
The NCAA tournament saw record-breaking numbers in terms of sports betting, with the tournament being legal in 38 states plus Washington, D.C. This year, Americans were estimated to legally wager $2.72 billion on March Madness, equivalent to 2.2% of the total handle wagered on sporting events in the previous year. Geolocation tracking company GeoComply reported a 42% increase in checks over the 2023 tournament. Both DraftKings and FanDuel noted that Monday’s championship game was the most bet-on college basketball game of all time.
The men’s championship game saw a significant increase in bet count and handle from the previous year. Caesars Sportsbook reported that same-game parlays on this game accounted for the most ever placed on a college basketball game. Favorites covering the spread 61% of the time during the tournament provided ample opportunities for bettors. On the women’s side, South Carolina’s undefeated season and Caitlin Clark’s heroics led to a massive influx of bets. FanDuel, BetMGM, and Fanatics noted that the women’s championship game was their largest betting event on women’s sports, with Caesars reporting double the previous handle record for a women’s college basketball game.
DraftKings and other sportsbooks reported a record NCAA tournament with significant increases in betting activity and handle compared to previous years. The legalization of sports betting in more states has contributed to the surge in wagers on events like March Madness. Geolocation tracking companies have seen a rise in checks to ensure compliance with betting regulations. The success of UConn in the men’s tournament and the excitement surrounding the women’s tournament has driven interest and betting activity to new heights. This trend is expected to continue as sports betting becomes more widespread and popular across the country.
