Welcome to Extreme Investor Network, where we bring you the most up-to-date and unique information on business news. Today, we are diving into the world of sports betting and how one savvy bettor cashed in big on the NCAA men’s championship game.
Barstool Sports founder Dave Portnoy made headlines by winning a staggering $2.76 million on UConn’s victory over Purdue. Portnoy placed a $600,000 bet on the Huskies to win the national championship back on March 20, and DraftKings confirmed the impressive wager.
This win comes after Barstool signed a multiyear deal with DraftKings in February, solidifying their partnership in the sports betting world. The sports media company was previously owned by Penn Entertainment, further solidifying the connection between Barstool and the world of sports betting.
But Portnoy’s win is just a part of the bigger picture when it comes to sports betting in the US. DraftKings reported a record-breaking NCAA tournament, with sports betting now legal in 38 states plus Washington, D.C. This marks a significant increase from just five additional states since last year, showing the growing popularity of sports betting across the country.
The American Gaming Association estimated that Americans would legally wager a staggering $2.72 billion on the March Madness tournaments this year, equivalent to 2.2% of the total handle wagered on any sporting events last year. Geolocation tracking company GeoComply reported a 42% increase in checks over the 2023 tournament, highlighting the growing interest in sports betting.
FanDuel also reported a 52% year-over-year increase in bet count and a 42% year-over-year increase in handle for the men’s championship game. At Caesars Sportsbook, the championship game saw the most same-game parlays ever placed on a college basketball game, with favorites covering the spread 61% of the time.
Betting on the women’s tournament also proved lucrative for sportsbooks, with South Carolina’s undefeated season and Caitlin Clark’s heroics driving a massive influx of bets. The championship game was the single biggest betting event on women’s sports for FanDuel, BetMGM, and Fanatics, while Caesars reported double the previous handle record for a women’s college basketball game.
At Extreme Investor Network, we strive to bring you the most insightful and valuable content on business news. Stay tuned for more updates and analysis on the ever-evolving world of sports betting and beyond.
