Sportsbooks Take Beating with Chalky NCAA Tournament

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00:00All right, we got the results in from the NCAA tournament.

00:02Basically, Sam, no matter what happens the rest of the way,

00:05as we would say that this is a chalky NCAA tournament,

00:07we have all four number one seeds playing in the final four.

00:11Fair to say throughout the NCAA tournament,

00:13especially through basically the first weekend,

00:16not a lot of upsets and the favorites more or less winning.

00:19We know how that goes in the National Football League

00:21and in college football as well.

00:23When the favorites win, the public wins.

00:25Was that the case in this NCAA tournament as well?

00:29Yeah, well, first of all, I remember we talked off camera,

00:31Craig, before the tournament started

00:33and you recommended betting all underdogs.

00:35That'd be a good strategy.

00:36And normally you'd be right, that normally that works.

00:39But this year, to your point, it has not.

00:42This is the first, only the second ever time

00:45we've had a final four comprised of all number one seeds.

00:48Going into the tournament, the odds for Duke,

00:51Auburn, Houston, Florida combined,

00:54were all the shortest they've ever been for any final four.

00:57So it's been another historic run of favorites.

00:59They went 21 and 0 leading up to the tournament.

01:04So it's been curious for the books to handle,

01:07different than football where typically

01:09eventually favorites will lose.

01:11In March Madness, typically the public likes

01:13to back a Cinderella, but this year there has not

01:16been a Cinderella that's really formed.

01:17So the public has just been betting on the favorites

01:19and the favorites have been winning.

01:21It's the same case right now where Duke and Florida

01:23are drawing heavy action.

01:24They represent almost 50% of all the futures bets

01:28on the NCAA title at the sports book.

01:30So they're definitely still rooting

01:32against the favorites here.

01:34But it's been difficult, especially when you're talking

01:36about coming off of an NFL season,

01:38which was historically bad.

01:40You had 10 weeks of at least 75% or more favorites winning,

01:45which in some cases, it cost FanDuel about $650 million.

01:48It was felt by the entire industry.

01:50So they were hoping probably

01:52for a much better March Madness,

01:54college basketball is one of the biggest,

01:56it's one of the biggest times of the year

01:58to bet for the sports books.

01:59So they're gonna hope for a much better final four,

02:02but so far it's been very difficult for them,

02:04kind of just weathering the storm.

02:06But this kind of thing happens in sports betting,

02:07but it is very unusual to have such the bad NFL season

02:12followed up by what's so far shaping up to be

02:14a really bad March Madness for them as well.

02:17But when betters win more, they tend to bet more.

02:20So the books are hoping it all eventually will shake out

02:23in their favor.

02:24If not, we could be talking about something else

02:26in a few months when we have the NBA playoffs

02:28and the NHL playoffs to reap a lot more money there.

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