Dave Portnoy, the founder of Barstool Sports, is set to pocket a whopping $2.76 million thanks to UConn’s triumphant victory over Purdue in the NCAA men’s championship game on Monday night.
In a tweet, Portnoy celebrated his incredible win of $1 million from a bold bet he placed on the Huskies winning the national championship. The wager, which amounted to $600,000, was confirmed by DraftKings.
Portnoy expressed his excitement on social media, referring to his recent experience as “the greatest bet of my life” and “the biggest win of my life by a mile.”
In February, Barstool and DraftKings sealed a multiyear agreement. It’s worth noting that Barstool was previously owned by Penn Entertainment.
DraftKings had its most successful NCAA tournament to date, as sports betting continues to gain legality in more states across the US. Currently, 38 states along with Washington, D.C. have legalized sports betting, which is an increase of five states compared to last year.
According to the American Gaming Association, Americans are expected to legally wager $2.72 billion on the March Madness tournaments this year. This amount accounts for 2.2% of the total handle wagered on any sporting events in the previous year.
According to GeoComply, a geolocation tracking company used by operators to verify the location of bettors, there was a significant increase of 42% in location checks during the 2023 tournament (CNBC).
According to DraftKings, Monday’s game witnessed the highest number of bets ever placed on a college basketball game for their sportsbook.
The men’s championship game at FanDuel experienced a significant increase in both the number of bets placed and the total amount of money wagered. In fact, there was a 52% increase in bet count compared to the previous year, and a 42% increase in the total handle. This demonstrates the growing popularity and engagement of fans in sports betting on the FanDuel platform.
Monday’s championship game at Caesars Sportsbook saw an unprecedented surge in same-game parlays, making it the highest number ever recorded for a college basketball game.
According to Craig Mucklow, Caesars Sportsbook’s vice president of trading, the customers had a winning streak in the tournament as the favorites covered the spread 61% of the time.
Sportsbooks found the women’s tournament to be highly profitable for betting purposes.
The undefeated season of South Carolina and the impressive performances of superstar Caitlin Clark attracted a significant surge in betting activity. According to FanDuel, BetMGM, and Fanatics, the championship game became the most heavily bet event in women’s sports. Caesars also reported that the women’s championship game set a new record for the highest amount of bets placed, doubling the previous record for a women’s college basketball game.
Mucklow expressed his thoughts on the women’s final, stating, “We can only imagine the attention it would receive if the game was given a proper primetime slot.”