March Madness results have been all over the place. The Westgate Las Vegas lost $200,000 on a 400-1 odds bet of $500 placed on Florida Atlantic to make the Final Four. The company paid up. Then, there was Red Rock Resort in Las Vegas which scooped up a good amount of revenue from the collegiate basketball tournament.
Westgate Caught Unprepared on 400-1 Odds Bet
There seems to have not been a clear trend, however. Red Rock race and sportsbook director Chuck Esposito told the Associated Press that he was upbeat about the event and the results therein. He commented on the Florida Atlantic outcome, which was a big upset for many sportsbooks.
Esposito simply stated that while some sportsbooks had absorbed losses on the underdogs making it through the entire event, Red Rock did well. He also argued that the UConn and Miami game in which the former beat their opponents in a 72-59 game was also a good one for Red Rock.
Westgate VP of race and sports operations Jay Kornegay told the publication that the final of a Final Four this year was more like an NIT final. But if anything, Westgate had taken the loss in stride, arguing that underdog bets will most likely have reduced odds in the future. The long shots will come with tighter odds, but it’s not all bad.
Westgate, for example, plans to increase the odds on favorites – which is precise what sports fans would appreciate. Kornegay, though, says that Westgate is going to keep composed. As he puts it, the company would not simply have a “knee-jerk” reaction no matter how much the loss smarts.
Rather, Westgate is going to plan meticulously what needs changing and how to proceed with this change. In the meantime, both companies have confirmed that the women’s NCAA Tournament and Final Four which got underway last week were doing very well across the board.
Interest in Women’s Events Betting Picks Up
Betting interest has been steadily inching upwards, to the dismay of the sportsbooks – although admittedly they had the prudency to price the events accurately and no big upsets came there. But an increase in women’s events – and specifically betting on the outcome of those would mean that sportsbooks need to future-proof their pricing models and make sure that they don’t allow another 400-1 odds debacle.