March Madness bettors are placing massive futures bets worth millions in winnings in the build-up to Selection Sunday and next week’s 68-team tournament.
Key Takeaways
- DraftKings could be on the hook for over $1 million if UConn claims the national title.
- Michigan leads BetMGM in tickets and money to win the tournament.
- Undefeated Miami (OH) is the second-biggest liability at BetMGM.
The largest reported March Madness futures bet at BetMGM Sportsbook is a $100,000 ticket to win $600,000 on Purdue reaching the Final Four. The Boilermakers were in the championship game two years ago but fell in the Sweet 16 last season.
Meanwhile, one DraftKings bettor could win over $1 million if their $77,000 wager on UConn to win March Madness at +1,300 odds comes true.
Seven percent of bets and the handle at Draftkings is on the Huskies, who were crowned national champions in 2023 and 2024.
If UConn cuts down the nets in March, this bettor will win over $1M 🤑 @DKInsights_ pic.twitter.com/N2KZrOvq74
— DraftKings Sportsbook (@DKSportsbook) March 10, 2026
BetMGM has also received several five-figure wagers in the March Madness champion market, including a pair of $50,000 bets on Houston (+900) and Arizona (+450) to win $450,000 and $225,000, respectively.
Houston led the majority of last year’s title game against Florida but came up short at the end, 65-63. Arizona hasn't reached the Final Four since 2001.
BetMGM also reported two $25,000 wagers on UConn (+900) to win $225,000 and Houston (+1,100) to win $275,000.
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Odds, betting breakdown
With days until the Selection Committee reveals the bracket, March Madness odds remain in flux.
BetMGM shared with Covers that Duke is favored by the narrowest of margins to win the national championship, having moved from +1,000 at opening to +320. Michigan is just behind at +325 after opening at +2,500.
Arizona has made up significant ground, shortening from +4,000 at opening to its current line of +425. Reigning champion Florida is +900 (from +2,000), just ahead of the runner-up from a year ago, Houston, at +950 (from +900). UConn (+1,300), Illinois (+1,400), and Iowa State (+1,600) are the only other teams with odds shorter than +3,000.
Michigan is bettors’ favorite pick with 12.1% of tickets and 12.3% of the handle. Duke is second in total bets (10.1%) and third in money (10.3%), while Arizona is third in wagers (7.4%) and second in share of the pot (12%).
Florida is fourth in tickets (7.2%) and sixth in money (9.5%); Connecticut is fifth in bets (6.6%) and handle (9.9%); and Houston is sixth in wagers but fourth in financial backing (10.9%).
Purdue is the only team with more than 5% of tickets or money of all remaining teams, at 5.2% and 5.1%, respectively.
Is a historic upset brewing?
While many of the aforementioned schools are perennial powerhouses, one massive underdog could create enormous problems for sportsbooks.
Miami (Ohio) is 31-0 ahead of a quarterfinal matchup with UMass in the MAC Tournament. The RedHawks only have 0.8% of tickets and 0.2% of the money wagered in March Madness futures odds, yet their +100,000 odds have helped make them the second-biggest liability at BetMGM.
If Miami (Ohio) can finish the season undefeated, it would mark the first time that a college basketball team completed its season without a loss since Indiana did it in 1975-76.
