5 Stories from 2021 NCAA March Madness Sports Bettors Should Know
After being cancelled in 2020 due to the COVID-19 pandemic, the 2021 NCAA Tournament, also known as March Madness, took place from March 18 to April 5 at several arenas in Indiana including Lucas Oil Stadium, Simon Skjodt Assembly Hall, and Indiana Farmers Coliseum.
Teams were stationed in the Indiana “bubble” to limit the likelihood of potential cancellations or delays due to COVID-19. In the end, the Baylor Bears emerged as first-time NCAA Tournament champions following an 86–70 victory over undefeated Gonzaga in the National Championship.
March Madness has long been a popular vehicle for monetary wagers and betting. Millions of people in the US fill out tournament brackets and now, thanks to the fact that sports betting is legal in more than two dozen states, bettors can place wagers on individual games through online and physical sportsbooks. Below is a look at five 2021 NCAA Tournament stories relevant to sports bettors.
Early Upsets Can Change the Betting Landscape Quickly
One of the most intriguing aspects of March Madness is the potential for major upsets in the first round and beyond. Teams are placed in four brackets and ranked 1 through 16 based on their performance during the regular season.
The №1 seed plays the №16 seed, while the №2 seed plays the №15 seed, and so on. Only once has a №16 seed defeated a №1 seed — the University of Maryland Baltimore County Retrievers defeated the Virginia Cavaliers in the 2018 tournament — but №2 seeds have been slightly more fortunate.
Oral Roberts University became the ninth №15 seed to win its first-round game by scoring a 75–72 victory over №2 seed Ohio State. The team continued its improbable run with a victory over №7 seed Florida in the second round before suffering a 72–70 loss to Arkansas in the third round. The Pentecostal school, however, is only the second №15 seed in tournament history to reach the Sweet 16. Oral Roberts was listed at +9000 odds to reach the Final Four prior to the start of the tournament.
The first round also saw upsets including №12 seed Oregon State defeating №5 seed Tennessee and №13 seed North Texas defeating №4 seed Purdue. Another №13 seed, Ohio University, defeated №4 seed Virginia.
There Are No Guarantees in Sports Betting
As if it wasn’t evident early in the tournament, the 2021 NCAA Tournament National Championship proved there are no guarantees in sports and/or betting. Gonzaga entered the tournament as heavy favorites, garnering 44.6 percent of championship winner projections in Yahoo Tourney Pick’Em.
The team was undefeated in the regular season and, with the exception of an overtime victory over UCLA in the Final Four, cruised to the National Championship. Gonzaga was even favored by -4.5 points against the spread over Baylor. Rather than complete a perfect season as the betting line suggested, Gonzaga struggled to contain the high-powered Baylor offense and trailed for the duration of the game.
Mobile Betting Platforms Were Extremely Popular
Sports betting mobile apps were in high demand in March, due in large part to the 2021 NCAA Tournament. According to Bank of America analyst Shaun Kelley, there was a 559 percent year-over-year increase in downloads of these apps from March 2020 to March 2021. FanDuel and DraftKings are the two industry leaders in this regard with respective market shares of 36 and 28 percent. Other key industry players include MGM Resorts International and Barstool Sportsbook.
Because of these apps and physical betting locations, the American Gaming Association (AGA) estimated prior to the tournament that approximately 47 million Americans would place combined wagers in excess of the 2019 record of $8.5 billion.
“There is a migration from the illegal market to the legal market,” AGA president and CEO Bill Miller told Forbes in March. “And there is excitement and pent-up demand for March Madness and the opportunity for people to bet legally and safely has never been better.”
Betting on the Final Game Was Substantial
The 2021 NCAA Tournament National Championship attracted at least two significant bets on the underdog Baylor Bears. Prior to the start of the game, BetMGM reported a $330,000 wager on Baylor +4.5 and a $300,000 wager on the Baylor moneyline at +165.
These successful bets yielded returns of $300,000 and $495,000, respectively. Another bettor placed a $330,000 wager on under 159.5 and was just barely successful as there were 156 points scored in the game with a pair of missed opportunities for additional baskets in the final minute.
Bettors Can Already Place Future Wagers for 2022
Despite this year’s tournament just ending, bettors can already place futures wagers on the 2022 NCAA Tournament. BetMGM released its odds for next year’s champion almost immediately after the Baylor-Gonzaga game.
For the second consecutive year, Gonzaga is the heavy favorite at +600, meaning a $100 bet would net the bettor a $600 profit if the team wins the 2022 NCAA Tournament. Michigan ranked second at +800, while Baylor (+1200), Duke (+1200), and Florida State (+1200) rounded out the top five.
