March Madness has reached the Sweet 16 and we’ve seen some truly incredible matchups go down. Just ask the good folks over in Sin City about that, as the town has been jumping since Day 1 of the tourney. However, it hasn’t been all good news, as the Vegas sportsbooks lost big on the historic Farleigh Dickinson upset over Purdue. Who in the world saw that one coming?
FDU entered the tourney as a No. 16 seed, while Purdue was a No. 1 seed. Despite the Boilermakers being heavy favorites, plenty of people had a feeling that a stunning result would be recorded. That’s exactly what happened, as plenty of people in Vegas decided to put some money down on FDU. According to the Las Vegas Review-Journal, a bettor cashed in more than $50,000 on FDU. That bettor wasn’t the only one to hit it big.
“I would say this is the worst two-year stretch in the tournament’s history,” Westgate SuperBook director John Murray told the Review-Journal. “It’s probably the worst loss I can remember. It was such bad basketball down the stretch. Purdue got as good a draw as you could get. For them to lose in the first round is inexcusable.”
Several sportsbooks lost a lot of money thanks to the upset, which people are still talking about. March Madness always has some eye-opening results during the early rounds, but a No. 1 seed falling to a No. 16 side rarely happens. Unfortunately for some of the major sportsbooks in town, not only did that happen, but many sports fans checked the March Madness odds and bet big on FDU. That’s wild to think about.
As you might have been able to guess, March Madness bets overall have been massive in Las Vegas, with plenty of tourists arriving in the city earlier this month. As you’ve probably heard us say, March Madness and the Super Bowl are two of the biggest sports events of the year, and those times will always be popular for betting supporters. That’s why Las Vegas is such a top destination for them.
What’s been a bit worrying for the Vegas sportsbooks, including the reliable Bovada review, is that so many upsets have been recorded. With people betting a large amount of money on some of these underdogs, it’s hitting sportsbooks where it hurts. In addition to FDU taking down Purdue, No. 2 Arizona falling to No. 15 Princeton in the first round was another major stunner.
Arizona is a Pac-12 powerhouse, and many people had them as potential Final Four candidates. In addition, some folks had them making it to the National Championship Game too. Instead, Princeton had other ideas in mind, dramatically taking down the Wildcats in the first round. Another rough upset for the sportsbooks was No. 13 Furman dropping No. 4 Virginia, drilling a game-winning 3-pointer in the final seconds.
While some of the favorites have gone on to post convincing victories, all of the lower seeds winning has also been a problem for sportsbooks. The sportsbooks will hope that things can return to normal in the Sweet 16, Elite Eight, Final Four, and then in the title game. If that does happen, then some money can surely be recovered. But if more upsets come, more losses will also be on the way.
With the action in full swing, Las Vegas continues to be packed thanks to the NCAA Tournament. Whenever March arrives, there’s a spike in tourism numbers, with sportsbooks packed to the brim for the games. What could be better than sitting down for a full day of the tournament games, making bets, and enjoying some good food?
This is exactly what people can do when they go to Las Vegas during March Madness. As we mentioned above, the betting action will be through the roof now that there are only 16 teams left in the field to win it all. As things keep on heating up, more and more people will be not only checking the Las Vegas betting odds for the action, but they’ll also be placing a ton of wagers too.
In addition, the Final Four will always be a popular stretch of days for basketball fans. During this time, even more people make their way to Las Vegas as people plan their vacations around being in Vegas for those two massive showdowns. This year will be no different. Vegas is one of the best betting cities on the planet, with things reaching a new level for March Madness. We can’t wait to find out how this tournament ends – it will be thrilling.
