Upset-rich March Madness causing mixed results at sportsbooks

LAS VEGAS(AP) — A bettor in December placed $500 on Florida Atlantic at400-1 odds to make the Final Four, costing Westgate Las Vegas$200,000.

That was aclear win for one bettor, but who actually has come out on topbetween the sportsbooks and those on the other side of the counterduring this most unusual NCAA Tournament is much more murky.

WhileWestgate absorbed a tough loss, Red Rock Resort in Las Vegas cameout in decent shape even as upsets ruled the first two weeks ofMarch Madness and set up a Final Four that begins Saturday withUConn at No. 4 as the highest seed.

“We’re stillin really good shape on, especially, San Diego State and FloridaAtlantic,” said Chuck Esposito, Red Rock race and sportsbookdirector. “I’ve heard that there there are some places that havesome liability with Florida Atlantic, but we don’t. We do still dowell on UConn and Miami. Both those schools seem to be the the kindof two schools that are getting some future play. But, overall,we’re pretty good shape with all four teams.”

A UConnvictory likely would be the best outcome for sportsbooks, and theHuskies have rolled through the NCAA Tournament, winning by anaverage of 22.5 points.

Their oddsbefore the tournament at Westgate were 20-1 to win thechampionship. As for the rest of the field, Miami was at 50-1, SanDiego State at 60-1 and FAU at 100-1.

“It doesn’tlook like a Final Four,” said Jay Kornegay, Westgate vice presidentof race and sports operations. “It looks like an NIT final.”

Kornegay saidhe could see the FAU run to the Final Four coming, but there waslittle Westgate could to do mitigate the damage.

As for futureNCAA Tournaments, Kornegay said discussions already are under wayabout lowering the odds for the long shots and increasing them forthe favorites. It will be among many tweaks as more parity hitscollege basketball, in part because of the transfer portal.

“Believe me,we’re keeping an eye on it,” Kornegay said. “We’re not going tomake a knee-jerk, dramatic change. ... I do believe there are goingto be more Cinderella stories than we’ve seen in the past.”

Esposito saideven more work will go into breaking down rosters in the future,making special note of schools with veteran players.

“I thinkyou’re going to continue to see the trend of numbers a lot tighter,a lot smaller,” Esposito said. “I do think David has more of achance against Goliath than he ever has before.”

Esposito andKornegay said the women’s NCAA Tournament and Final Four, whichbegins Friday, have drawn more betting interest than in past years,though still nowhere close to the level for the men. But bothsportsbooks are offering more betting options for the women’s FinalFour to reflect the increased interest.

While themen’s Final Four is a major surprise, the women’s side includesundefeated South Carolina and Iowa star andAP Player of the Year CaitlinClark.

“It’s notleaps and bounds more,” Kornegay said. “We’ve seen increases thatare noticeable on the women’s side.”

The men havea near monopoly on betting during the regular season, though morewomen’s games have been made available. Louisville coach Jeff Walzsaid he would like to see all women’s games on the bettingboards.

“I just thinkfor women’s basketball there’s more interest now for the casualfan,” Walz said. “Obviously, we can’t bet on it or anything likethat ... but if you’re asking what can enhance our game, thatlittle thing right there I think has already.”