As the NCAA Tournament arrives, the largest reported bet on March Madness futures odds is $100,000. And that’s not even on the Tournament winner.
Rather, it’s on Purdue +600 to reach the Final Four.
But eventually, there’s going to be a million-dollar bet — and perhaps multiple bets for multiple millions — on the winner. Jim “Mattress Mack” McIngvale said as much on Wednesday.
Now, which team that bet lands on remains to be seen. But the Houston furniture magnate is planning to get involved in a big way.
Read on for more on McIngvale’s game plan and other notable bets on NCAA Tournament championship odds.
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McIngvale’s Millions
Being based where he is, McIngvale is a big fan of the local teams. In college hoops, that means his affinity is with the Houston Cougars.
Last year, Houston nearly won it all, falling to Florida 65-63 in the championship game. But for whatever reason, Mattress Mack didn’t get involved in betting on the tourney.
Two years ago, ahead of the 2024 NCAA Tournament, he put $1 million on Houston +750 to win it all. The Cougars were a No. 1 seed, but lost to No. 4 seed Duke 54-51 in the Sweet 16.
While McIngvale wants to bet on Houston again this year, he plans to keep his seven-figure powder dry until the first two weekends are done.
“I don’t know which team I’m gambling on this year. I’m gonna run a promotion that says the team closest geographically to Houston that gets in the Final Four will be the team,” McIngvale said.
Ah yes, the promotion.
There are almost always two elements to McIngvale’s wagers: The bet itself, and the corresponding promotion for his furniture store.
The bet is a hedge against the promotion. In this instance, customers who purchase a mattress set of $4,000 or more will get it free if the Final Four team closest to Houston wins the title.
It’s a win-win for Mattress Mack, or at least a break-even proposition: If his bet wins, he pockets that cash to cover the losses from the bedding purchases. If his bet loses, then his store pockets the mattress set profits.
There’s recent successful precedent with this strategy: Kansas’ 2022 run to the championship.
“It’s the same thing we did when Kansas won. We refunded $17 million. So that’s the program this year,” McIngvale said. “The customers are in it all the way to the final two games.
“That’s my story. I’m sticking to it.”
High Hopes on High Point
High Point is the No. 12 seed in the West Region, facing a tough test Thursday vs. No. 5 seed Wisconsin. And every year, the public tends to jump on No. 12s to beat No. 5s.
This year, a Caesars Sports customer would like that for reasons that extend far beyond Thursday. The bettor took a flier on unheralded High Point to cut down the nets on April 6.
It’s a $500 wager at whopping odds of +200000. In easier-to-digest terms, that’s 2000/1.
So if somehow the Panthers (30-4) go on an unprecedented six-game run, then the bettor wins $1 million.
At Hard Rock Bet, a customer put a hundred bucks on No. 15 seed Tennessee State +250000 to run the table. That’s 2500/1, which would net $250,000.
In all likelihood, Tennessee State’s tournament will be over after Friday’s game vs. No. 2 seed Iowa State. But as they say, dare to dream.
Florida Funds
Hard Rock Bet’s biggest market is the state of Florida. So no surprise, there’s plenty of Sunshine State support for the defending national champion Gators.
Florida went on a 12-0 run before losing to Vanderbilt in the SEC Tournament semifinals. In doing so, the Gators surged as high as +600 in March Madness futures odds, and they’re now in the +700 range, behind only Duke, Michigan and Arizona.
A pair of prescient Hard Rock customers hit Florida early on during that 12-game run, nabbing much better odds than are available now:
- $2,500 Florida +2000, on Feb. 11
- $6,000 Florida +1500, on Feb. 17
The latter of these bets stands to revenue $90,000 (whole payout $96,000), if the Gators go the gap. The $2,500 play income $50,000 (whole payout $52,500) on a Florida repeat title.
Final week, a Laborious Rock buyer put $5,000 on Florida +600, to doubtlessly revenue $30,000 (whole payout $35,000).
Ladies’s Wager
The women’s NCAA Tournament will get increasingly eyeballs annually, and with it increasingly wagers.
UConn is all the time a title contender, much more so this season. DraftKings Sportsbook has the Huskies as -270 favorites in March Insanity girls’s championship odds.
Which suggests it takes a $270 guess to win $100 (whole payout $370). That’s not going to draw the general public betting plenty.
However a minimum of one DK buyer discovered it cheap sufficient, firing in a $31,900 guess on UConn -270 to win all of it.
If the Huskies repeat as nationwide champs, then the bettor income $11,814.81 (whole payout $43,714.81).
It’s so much to threat, for a win that’s far lower than the quantity wagered. However offered UConn does what’s anticipated, it’s onerous to argue with 37% ROI.
I’d take that on my 401k six days every week and twice on Sunday.
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