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Gambler Lets It Ride On $500K March Madness Bet

A Pair Of $500,000 Bets Highlight The First Weekend Of The NCAA Tournament

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During the first weekend of March Madness, there are usually several upsets and everybody’s bracket gets ‘busted.’ This year, the first two rounds were mostly filled with favorites winning, which was good for one bettor in Las Vegas, who made a pair of six-figure bets on heavy favorites over the weekend.

According to ESPN Chalk , the two largest bets from the first four days of the tournament came from a gambler who bet on two heavy favorites.

On Thursday, the bettor wagered $500,000 on Michigan to beat Montana at -1,800. Michigan won by 19 points and the bettor scored a profit of $27,777. On Friday, he returned to let his winnings ride.

He bet $527,777 on Texas Tech to beat Northern Kentucky at -1,400. Texas Tech won by 15 and he scored an additional $37,698.

There was another gambler who took a heavy favorite, but just not for nearly as much. At the Caesars sportsbook, a bettor put $150 on Duke to beat North Dakota State. Duke won easily and at -15,000, the bettor earned a profit of $1.

The other side of the sports betting spectrum came when a gambler at DraftKings correctly picked the winner of the game with the spread and the over/under of seven games. He bet just 14 cents but scored $1,345.78.

March Madness is up there with the Super Bowl as the two most gambled on sporting events of the year. Last year, the Final Four of the tournament was the second-most gambled on event behind the Super Bowl.

This year, it was estimated that about $5 billion was bet on the Super Bowl, while the American Gaming Association is claiming that much more than that will be wagered on March Madness this year.

According to a survey released by the AGA last week, $8.5 billion will be wagered on this year’s tournament, which would well surpass the Super Bowl’s numbers.

“During this year’s tournament – the first in post-PASPA America – sports fans are expected to bet 40 percent more than they did on this year’s Super Bowl,” said AGA president and CEO Bill Miller in a press release. “Unlike any other sporting event in the country, March Madness attracts millions who fill out brackets, make casual bets with friends or wager at a legal sportsbook, which Americans can now do more than ever before.”

In the second round, all 16 favorites were victorious, which was the first time this happened since the field expanded to 64 teams.

With so many favorites coming out on top, the books did very well. The first three days of the tournament were all winning days for MGM sportsbooks. At MGM books, bettors adjusted and beat the house on Sunday.