Kentucky loss to Oakland huge win for sportsbooks: ‘A monumental result for us’
As its name suggests, TwinSpires Sportsbook does a significant chunk of its business in Kentucky. So, the book takes a lot of action on the Kentucky Wildcats, particularly for March Madness odds, and specifically to win the national championship.
So when No. 3 seed Kentucky bowed out in Thursday’s first round – a shocking 80-76 upset loss to No. 14 seed Oakland – the TwinSpires risk room got a big boost.
“A monumental result for us. Kentucky by far was our biggest futures liability,” TwinSpires director of retail sports Zachary Lucas said.
That liability is now dissolved at TwinSpires and sportsbooks in Las Vegas and across the nation.
Fried Calipari
Coach John Calipari’s squad had its erratic spots over the course of the season. Still, the Wildcats were considered a talented enough outfit to make a deep NCAA Tournament run.
And BetMGM’s +2500 odds on a Kentucky title were certainly more attractive than a host of other teams, including +350 favorite UConn. Throughout the season, BetMGM trader Seamus Magee noted that Kentucky was a popular championship play. So Thursday night’s upset brought a little relief.
“It’s a huge result for the futures book,” Magee said moments after the game went final. “We lose on the moneyline, but this erases a lot of liability for our futures.”
It’s a trade Magee is happy to make. Oakland moneyline was a winner for BetMGM customers. The Bears were 12.5-point underdogs on the spread and a correspondingly hefty +775 on the moneyline. That meant a $100 bet on Oakland to win outright would net $775 profit, for an $875 total payout.
At BetMGM, the Bears took 92% of moneyline bets and 72% of moneyline dollars vs. Kentucky.
Kentucky ousted in 1st Rd of NCAA Tournament: time to move on from Calipari?
The House Wins
In a jam-packed South Point sportsbook, on Las Vegas Boulevard a couple miles south of the Strip, plenty more moneyline bettors did well to the biggest first-round upset so far. But sportsbook director Chris Andrews was fine with the result, echoing Magee’s sentiments to a degree.
“Overall, it was a good game for us. The Kentucky parlays offset the Oakland moneyline,” Andrews said. “Plus, we had a lot of money in Kentucky futures, in both the [South] Region and for the tournament winner.”
Patrick Everson is a sports betting analyst for FOX sports and senior reporter for VegasInsider.com. He is a distinguished journalist in the national sports betting space. He’s based in Las Vegas, where he enjoys golfing in 110-degree heat. Follow him on Twitter: @PatrickE_Vegas.
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