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The first two rounds of this year’s men’s March Madness tournament lived up to the hype. There were crushing upsets, such as 13-seed Furman over UVA, Farleigh Dickinson stunning Purdue, and a 15-seed Princeton upset Arizona. While these losses shattered brackets, the spoils went to the sportsbooks. FanDuel led all sportsbooks in total handle; it was reported for the week ending on March 12 that FanDuel brought in $185 million in wagers. Ultimately FanDuel brought in $20.9 million in revenue. On the other hand, DraftKings finished second at $147.8 million in handle with $11 million in revenue.
BetMGM has prospered at the hands of Kansas, Duke, and Purdue being eliminated. “This has been the best start ever to the NCAA Tournament in terms of action and results for the book,” Seamus Magee, sports trader at BetMGM, said in a statement. “Duke, Kansas, and Purdue losing were all good outcomes for BetMGM in the futures market. The public also won big with Duke smashing Oral Roberts and Kentucky beating Providence in the Round of 64.”
Before the start of the tournament, the American Gaming Association reported that $68 million people were projected to wager on March Madness, totaling $15 billion. With the handle above, we are on pace. Additionally, high-handle numbers will be the theme as we progress with the tournament.
More and more states will continue to legalize sports betting, leading to more wins for the sportsbooks. Big events like March Madness are geared towards these books making money off of stunning upsets, buzzer-beaters, Cinderella runs, and general madness. There’s an old saying in gambling, “the house always wins”, and this couldn’t be more true for sports betting. At RunYourPool, we’re looking to change that. Instead of competing against the big books, who win most of the time, why not compete against your friends and family? Our pools are geared towards friendly competition between lifelong friends. And let’s face it, you’re smarter than your friends.
