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.
