Sportsbooks ride upsets to win big on 1st day of NCAA tourney

The first day of the NCAA Tournament was a blessed one for Las Vegas sportsbooks, which won big when No. 15 seed Saint Peter’s knocked off No. 2 Kentucky.

“It’s not Saint Patrick’s Day, it’s Saint Peter’s Day,” Red Rock Resort sportsbook director Chuck Esposito said.

The Peacocks, 18-point underdogs and 16-1 on the money line, outlasted the Wildcats 85-79 in overtime to bust countless brackets and kill countless money-line parlays.

“Kentucky losing was really big for us,” Westgate SuperBook director John Murray said. “Kentucky was in a lot of money-line parlays. We’re going to end up a pretty sizable winner today.

“That was one of the more stunning 2-seed losses I can ever recall. Kentucky was considered the best 2-seed. For them to go out in the first round was shocking.”

The game was tight throughout and featured 16 ties and 13 lead changes. Daryl Banks III made two free throws to put Saint Peter’s ahead 77-76 with 1:45 left in overtime and it didn’t trail again.

Kentucky led by two with 24 seconds left in regulation before Doug Edert tied it with a jumper.

“I was shocked,” South Point sportsbook director Chris Andrews said. “In my bracket, I have Kentucky going to the Final Four.”

Saints march in

It was a veritable All Saints’ Day at BetMGM, which also won big on Saint Mary’s. The Gaels whipped Indiana 82-53 as a 2½-point favorites.

“The late games were big ones for us,” MGM Resorts director of trading Jeff Stoneback said. “Saint Peter’s and Saint Mary’s were our big winners.”

Favorites started the tournament 5-0 ATS — 9-0 ATS including the First Four games — before two 12-seeds continued a March Madness tradition by pulling off outright upsets.

No. 12 Richmond beat No. 5 Iowa 67-63 as a 9½-point underdog and +450 on the money line.

No. 12 New Mexico State defeated No. 5 Connecticut 70-63 as a 6½-point underdog and +245 on the money line.

Bettors boo Gonzaga

Books also did well and bettors booed when No. 1 overall seed Gonzaga failed to cover as a 22½-point favorite in a 93-72 win over No. 16 Georgia State.

The Bulldogs were on upset alert at halftime, clinging to a two-point lead. But it quickly became a question of whether they would cover after they went on a 21-0 run to go up by 25 as the capacity crowd at the SuperBook exploded.

Gonzaga was up 26 with 44 seconds left when Evan Johnson hit a 3 for Georgia State. He was fouled on the play and had a chance to cut the deficit to 22 but missed the free throw.

The Bulldogs then missed two shots and Johnson was fouled while grabbing the rebound. He hit both free throws to make it a 21-point game and turn all tickets on the Zags into trash. The crowd booed loudly as Gonzaga dribbled out the clock.

“That was the best result of the day for us,” Murray said. “It was a middle for the book.

“We had a house player who made significant bets on Georgia State +13½ in the second half. We knew if we can get Gonzaga to win between 16 and 22 points, we’d middle the game.”

Double down

A bettor at South Point wagered $33,000 to win $550 on Baylor on the money line (-6,000) and cashed his ticket when the Bears blew out Norfolk State, 85-49.

The same gambler rolled over the bet and wagered $63,550 to win $706.10 on Gonzaga on the money line (-9,000).

“It was definitely a sweat,” Andrews said. “We take those in football and basketball and we win occasionally. We don’t have to win too many of them to show a profit.”

Pre-pandemic level

Favorites went 9-7 ATS and overs went 10-6.

Andrews said the crowd, atmosphere and action in the book was back to a pre-pandemic level.

“The sportsbook was completely full,” he said. “Our two huge party rooms upstairs were both overflowing and the handle has been fantastic. Everything turned out great.”

Now we get to do it all again Friday.

Contact reporter Todd Dewey at tdewey@reviewjournal.com. Follow @tdewey33 on Twitter.