Caesars Sportsbook Bettor Gets $500K Futures Payout After UConn Championship Win

Jessica Aletor
By:
Jessica Aletor
08/04/2023/
News
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Highlights

  • A Michigan sports bettor placed a futures bet worth $25K on Caesars Sportsbook back in January 2023.
  • With the UConn championship win against San Diego State, the bettor is set to receive a huge payout of $500K.
  • This win marks the largest futures wager liability on the NCAA men’s basketball tournament outside the state of Nevada.

In what can best be described as a show of supremacy, the University of Connecticut Huskies emerged the winners of the 2023 NCAA Division I Men’s Basketball Tournament. The March Madness final ended in a 76-59 win against the San Diego State Aztecs in the late hours of Monday, April 3.

A Michigan bettor would join in the celebration at the end of the tournament, as the UConn win signaled a $500K futures payout for him. The bettor won a whopping $525K, including his $25K stake, after the Huskies trumped the Aztecs to clinch their fifth NCAA title since 1999.

Bettor Wagered UConn Futures at the Huskies Lowest

The Aztecs had a fine run to set up a National Championship final against UConn. Alongside Florida Atlantic and Miami, San Diego State made it to the Final Four of the NCAA Tournament for the first time in their respective histories. This was the first time since 1970 that three Final Four teams would be making their first appearance at that round of the competition.

For a bettor placing bets during the Final Four, it was fairly easy to predict a UConn Championship win, especially considering that the Huskies have previously won the title four times prior. However, for a futures wager, the stakes were rather higher and riskier. The anonymous bettor wagered $25,000 in futures on the Huskies to emerge champions as far back as January 24.

At the time of betting, the odds stood at 20/1. This meant the bettor would walk home with $525K, inclusive of a $500K payout if the wager won. The wager was placed on Caesars Sportsbook MI and according to a spokesperson for the sports betting operator, the payout stood as the largest futures liability incurred in any state of the US, outside Nevada.

Without a doubt, the timing of the bet points to flawless strategy on the part of the bettor. Before January 24, the Huskies have been on a 14-0 winning streak. However, they went on to lose five of their next six matches, before winning against Butler on January 22. This run ensured that wagers on UConn were at a low before the bettor wagered.

Caesars Sportsbook MI is one of the biggest sports betting operators in the Great Lakes State. It has currently raked in $587 million in total betting handle since it began operations in Michigan. Historically, Caesars is a big performer in Michigan during March Madness. However, its hold seems to be on a decline in the past few months.

AJ Hoggard Makes East Region All Tournament Team

After crashing out of the Sweet 16, it was practically impossible to see Michigan State University clinch any personal awards. However, AJ Hoggard was able to make the East Region All-Tournament team. Hoggard scored an average of 16.3 points throughout the tournaments, making 2.7 rebounds and 5.0 assists in only three games.

He joined players from Florida Atlantic and Kansas State in the All-Tournament Team. Markquis Nowell of Kansas State won the Most Outstanding Player of the East Region. Adama Sanogo from UConn emerged the Most Outstanding Player of the Tournament.

Zach Edey of Purdue University went home with the most individual awards, despite crashing out in the First Round of the NCAA Tournament. He clinched the Wooden Award, the AP National Player of the Year, the Kareem Abdul-Jabbar Award and the Naismith Player of the Year Award.

Detroit Lions Deemed Eight Favorite Team to Win SuperBowl

In NFL news, the Detroit Lions turned an abysmal season around to be one of the best NFL teams. The Lions started the season with a 1-6 losing record and went on to maintain a winning streak, missing out on the playoffs by a hair’s breadth. They currently stand as the eighth best team in terms of odds to win the Super Bowl on PointsBet Sportsbook MI and Caesars Sportsbook.

However, with the team’s defensive weakness, they may have to make the best of their two first-round draft picks to go all the way. FanDuel Sportsbook Michigan ranks the Lions +1000 odds to draft Hendon Hooker, a quarterback from Tennessee. The Lions are also favorites to bring in Jalen Carter, defensive tackle from Georgia.

Other names on the list of potentials include Oregon cornerback Christian Gonzalez and Illinois Devin Witherspoon. On DraftKings Sportsbook MI, the odds that the Lions land a running back or quarterback in their first pick is +3000 and +1000, respectively. You can wager on your predictions at any of the NFL betting sites in Michigan.

Jessica is a news contributor to Gamble Online Michigan. She holds a Bachelor's degree in Economics but has over three years of experience working in the hospitality and gambling industry. Despite her core finance and investment banking background, she has been a casino feature writer for N1 Interactive Limited and multiple gambling affiliate sites. Her work has been featured on the bet365 blog, casino.zone and Max Force Racing. She spends her time between Michigan and California, staying up-to-date on the latest industry developments