Illegal gambling increased during the Men's NCAA Tournament and Women's Basketball season
Unleashing the Madness: March Sports Betting Breakdown By Mark Anderson, Associated Press
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LAS VEGAS (AP) - This year, the men's and women's NCAA Tournaments saw a surge in betting, despite the lack of upsets and the absence of standout players like Caitlin Clark. Let's dive into the excitement at BetMGM Sportsbook and Caesars Sportsbook.
The men's tournament, where all four No. 1 seeds made it to the Final Four for the first time since 2008, witnessed an 18% increase in betting at BetMGM. The unpredictable games culminated in Florida's thrilling 65-63 victory over Houston, securing their third championship. Florida had the second-highest handle and number of tickets, with Duke being the favorite among bettors. Losing the title game was a significant blow for Duke, as 30 of the 50 largest futures wagers on the champion were on them.
According to BetMGM trading manager Seamus Magee, "Many fans were happy to see Florida chomping down the nets." Caesars college basketball head Rich Zanco called betting at his sportsbook "robust," attributing the increase to the All No. 1 seeds advancing to the Final Four and intriguing matchups throughout the tournament.
The women's tournament, while not as dramatic as the men's, saw a 10% increase in betting at BetMGM. UConn, with star player Paige Bueckers, won their 12th national title but first since 2016. Betting on the women's side was heavily skewed towards the Huskies, making them the second-highest moneymaker at BetMGM.
Hanna Luther, a sports trader at BetMGM, believes the 'Caitlin Clark effect' carried over to this year and will continue to do so. The absence of Clark and other standout players might have reduced casual bettor engagement, but operators like BetMGM and Caesars still managed to profit due to their strategies for handling such situations.
In a chalky tournament where favorites dominate, sportsbooks like BetMGM and Caesars rely on improved structural holds by offering enhanced parlay options and in-game markets to offset lower volatility. Operators might encourage multi-leg bets to boost hold percentages, providing an opportunity for sharper live betting margins and optimized parlay strategies.
Other aspects contributing to higher revenue include same-game parlays and live wagering on blowout games.Despite the absence of Cinderella teams, operators prioritize hold optimization over volume, especially in stable markets like New York, where handle continues to grow.
While the exact outcomes for 2023 would depend on operators' market-specific parlay mix and promotional strategies, the structural trends from previous tournaments offer insights into how betting on March Madness unfolds.
- Mark Anderson, Associated Press, reported an 18% increase in betting at BetMGM during the men's NCAA Tournament, with Florida securing their third championship and being the second-highest in handle and number of tickets.
- Seamus Magee, BetMGM trading manager, remarked that many fans were happy to see Florida chomping down the nets, highlighting a significant increase in betting at BetMGM.
- Hanna Luther, a sports trader at BetMGM, postulated that the absence of standout players like Caitlin Clark may have reduced casual bettor engagement, but operators still managed to profit due to strategies for handling such situations.
- Operators like BetMGM and Caesars prioritize hold optimization over volume, especially in stable markets like New York, where handle continues to grow, relying on improved structural holds, offering enhanced parlay options, and in-game markets to generate revenue.
