Long odds make NC State a favorite for bettors. Now they are paying off 💰
Posted April 3, 2024 4:19 p.m. EDT
Updated April 3, 2024 5:32 p.m. EDT
There's no better time to be an NC State basketball fan.
The men's team is in the Final Four for the first time since 1983. The women's team is still dancing, too, reaching its first Final Four since 1998.
And for Wolfpack fans who are betting on the games, the teams' success is also translating into money in their pockets.
"It is really an amazing thing to be happening in Carolina and coinciding with the launch of sports betting there that a Cinderella run like NC State is happening right now," said Seamus Magee, trading manager at BetMGM.
BetMGM is one of eight sports betting operators that launched in North Carolina on March 11. The next day, NC State's men's team opened play in the ACC Tournament with a win against Louisville, the first of nine straight wins.
NC State, an 11 seed, entered the men's tournament at 200-to-1 odds to win the national title. Those long odds were attractive to bettors across the state and nation.
NC State is the second-most bet team to win the men's NCAA Tournament with 10.2% of tickets on the Wolfpack. Only top-seeded UConn at 11.0% is higher. UNC, which was eliminated in the Sweet 16, was the third-most bet team to win the national title.
As the Wolfpack have piled up victories, more bettors have joined in those early adopters.
"There were definitely some shot takers at 200 to 1 when the brackets came out," Magee said.
Magee said NC State as the third-most bet team to reach the Final Four.
"Nationwide this team has taken the country by storm with guys like DJ Burns," Magee said.
In the first week of legal mobile sports betting, people in North Carolina placed nearly $200 million in wagers, much of it with free or promotional bets offered by the companies.
NC State is BetMGM's top liability among tournament bets, and Fanatics Sportsbook said NC State is also the top liability.
"We're rooting for Alabama and Purdue to meet in the championship," Magee said. "That would be our best result right now. That's what we're cheering for."
In the women's tournament, though, the Wolfpack are a top choice for the betting operators. The intense interest in the women's game has led to unprecedented betting action on the tournament, led by Iowa and star Caitlin Clark.
NC State, as a No. 3 seed that faced a difficult path to the Final Four, has not attracted as much attention as higher-profile teams such as Iowa, UConn, South Carolina, USC and LSU.
Clark is No. 2 in prop bets for the both tournaments, trailing only Purdue men's star Zach Edey.
"The women's NC State team is a bit of a different story," Magee said. "Frankly, we'd be really happy to see North Carolina State winning the women's tournament because most of the money being bet from BetMGM customers is on Iowa."
