Betting roundup: Favorites survive a wild opening weekend in NCAA Tournament

Even for March Madness, the first weekend of the NCAA tournament was a wild one.

Nine double-digit seeds advanced past the first round, including 15-seed Middle Tennessee State, which knocked off Michigan State with relative ease, 90-81.

But after a chaotic opening weekend, the dust is settling on a Sweet 16 field that’s dominated by top seeds. Just two of the double-digit seeds—tourney stalwarts Gonzaga and Syracuse—won their second round matchups, and Gonzaga was actually favored in its first-round matchup against Seton Hall.

A few betting notes and nuggets from the tournament’s first weekend:

Historic comeback or an epic collapse?

Northern Iowa (+7) covered Sunday night against Texas A&M, but doesn’t begin to tell the story of the 11th-seeded Panthers’ 92-88 loss in double overtime.

After advancing to the second round on a buzzer-beating halfcourt shot in the first round against Texas, Northern Iowa was set to advance to the Sweet Sixteen for the first time since 2010 and the second time in school history. With 44 seconds left, they led by 12 points before a historic meltdown that featured four turnovers culminated in the Aggies’ game-tying steal and layup just before the end of regulation.

At one point, bettors could have had the Aggies moneyline at +675.

Yahoo has a blow-by-blow breakdown of the comeback/collapse.

Bad for Sparty, good for sports books 

Michigan State became the fourth No. 2 seed in the last five years to lose in the first round, and Nevada’s sports books couldn’t be happier about the outcome.

The Spartans spent a good portion of the regular season as the No. 1 team in the AP Poll and the favorite in the futures market, and many believed they were deserving of a No. 1 seed. They were one of the three favorites at the Westgate SuperBook, William Hill US and offshore book 5Dimes, and no team received more support in terms of tickets or overall money wagered at Westgate.

Little consensus in betting markets as Stephen F. Austin narrowly misses Sweet 16

One of the most interesting lines of the weekend involved 14 seed Stephen F. Austin, which opened as a favorite against Notre Dame at some books, and closed any where from a pick ’em to a two-point underdog.

The Lumberjacks, who advanced with an easy win over West Virginia in the first round, led by as many as five late in the game before eventually falling, 76-75, on an Irish tip-in with 1.5 seconds remaining.

The one-point win for Notre Dame left no clear winner across the board, as books took bets on both sides of the highly volatile line.

“I’ve heard guests say, ‘I could have had Stephen F. Austin at plus-2 and I got that at Pick,’” Chuck Esposito, Sunset Station sports book director told the Las Vegas Review-Journal.

AROUND THE WEB

TWEETS OF NOTE

ODDS & ENDS

ODDSMAKER’S TAKE

“The public just got crushed. The games kept falling our way, the ‘dogs and favorites were falling our way. We started rolling early and kept going all night.” —Golden Nugget sports book director Tony Miller on the house’s strong start in the NCAA Tournament.

NCAA Tournament off to a slow start at some sports books, but typical ‘Madness’ expected

Spurred by the ever-popular NCAA tournament, sports books have set records for basketball handle in March in each of the last two years and could do so this year if projections hold true.

But so far, betting volume is a little off last year’s pace at William Hill’s Nevada sports books, according to director of trading Nick Bogdanovich.

Bogdanovich told ESPN Radio/Las Vegas on Wednesday that action on the First Four games was “down a little from last year,” and that overall betting action had been somewhat light heading into what will likely be the busiest four-day stretch of the year.

“It’s been a disappointing couple of days as far as handle. I think it’s been fairly slow. It’ll pick up fast and furious (Thursday) for sure, and hopefully later on (Wednesday).”

If handle is down at William Hill’s 105 books in Nevada, it’s a fair indication of trends statewide. Prognostications are nonetheless rosy, however, as the tournament tips off in earnest today.

Some books were slated to open at 5:30 a.m. Thursday, and seating at watch parties is expected to be at a premium at venues throughout Las Vegas.

William Hill’s odds on Thursday’s games (as of 8 p.m. Eastern Wednesday) 

COLLEGE BASKETBALLCURRENT POINT SPREAD% of TICKETS AS OF 5PM PST% of $’s WAGERED AS OF 5PM PST
NC WILMINGTON vs. DUKEDUKE -10.556% NC WILMINGTON66% NC WILMINGTON
BUTLER vs. TEXAS TECHBUTLER -463% BUTLER81% BUTLER
UCONN vs. COLORADOUCONN -3.558% UCONN62% COLORADO
IONA vs. IOWA STATEIOWA ST -868% IONA79% IONA
YALE vs. BAYLORBAYLOR -5.570% BAYLOR79% BAYLOR
HAMPTON vs. VIRGINIAVIRGINIA -2483% HAMPTON55% HAMPTON
AUSTIN PEAY vs. KANSASKANSAS -2660% AUSTIN PEAY64% AUSTIN PEAY
ARKANSAS LITTLE ROCK vs. PURDUEPURDUE -955% ARK LR75% ARK LR
BUFFALO vs. MIAMI FLORIDAMIAMI FL -13.561% MIAMI FL54% MIAMI FL
CHATTANOOGA vs. INDIANAINDIANA -11.551% CHATANOOGA59% CHATANOOGA
FLORIDA GULF COAST vs. NORTH CAROLINAUNC -2270% FGCU85% FGCU
FRESNO STATE vs. UTAHUTAH -8.555% UTAH50% FRESNO ST/UTAH
WICHITA STATE vs. ARIZONAARIZONA -1.554% ARIZONA54% WICHITA ST
STONY BROOK vs. KENTUCKYKENTUCKY -1475% KENTUCKY61% KENTUCKY
PROVIDENCE vs. SOUTHERN CALPROVIDENCE -269% PROVIDENCE83% PROVIDENCE
GONZAGA vs. SETON HALLGONZAGA -164% SETON HALL51% SETON HALL

AROUND THE WEB

LOOK WHO’S TALKING

“When I started at CG Technology in 2011 the overall handle in the state of Nevada was less than $2 billion, last year the state of Nevada did $4.3 billion and this year they expect the state of Nevada to do over $5 billion.” —Matthew Holt, CG Technology’s COO, on the booming business of sports betting.

ODDS & ENDS

ODDSMAKER’S TAKE

“The worst team for us right now is Indiana. We took several wagers on them at 70-1 back in January, and then an accumulation of bets throughout the season on them, even as their price shortened.” —Jason Simbal, CG Technology’s vice president of race and sports, discussing line movements and betting trends this week.

Betting roundup: Bettors backing Baylor, Butler in NCAA Tournament’s Thursday slate

Gamblers got off to a solid start in this year’s NCAA tournament as the First Four games tipped off with a Tuesday night doubleheader.

Both favorites won and covered easily, with Florida Gulf Coast (-5.5) trouncing Fairleigh Dickinson, 96-65, and Wichita State (-3.5) taking a 70-50 win over Vanderbilt.

William Hill US reported that 55 percent of the money and 61 percent of tickets were in favor of FGCU, while 78 percent of the money was on Wichita State as of Tuesday afternoon. At BetOnline, 64 percent of money wagered was on FGCU, with 60 percent on Wichita State.

The field of 64 will be finalized tonight as the First Four wraps up with another doubleheader. As of Wednesday morning, Southern is favored by two over Holy Cross at most books, while Michigan is giving 3.5 against Tulsa in the nightcap.

Who else are bettors behind?

On ESPN’s Behind the Bets podcast, Bob Scucci, director of race and sports for Boyd Gaming, predicted gamblers would be all over Baylor in the Bears’ first-round game against Yale. So far, it looks like he’s right.

Though most of the bigger money is expected to come in closer to game time, Baylor has been the overwhelming choice among gamblers at most sports books. At William Hill’s sports books, the Baylor/Yale matchup was the most popular Thursday game in terms of tickets written as of Tuesday afternoon, and 83 percent of the money was on the Bears, currently a 5-point favorite.

But the biggest disparity in terms of money wagered on Thursday’s games is Butler, which was getting 94 percent of the support at William Hill as of Tuesday afternoon. The Bulldogs are currently a four-point favorite against Texas Tech at most books and giving 3.5 at William Hill.

AROUND THE WEB

LOOK WHO’S TALKING

“But it’s basically we’re sending a message to the court that we’re prepared in the state of New York to allow daily fantasy sports to continue — providing it’s monitored, it’s regulated and there are consumer protections.”—John Bonacic, the Racing and Gaming Committee Chairman in the New York State Senate.

The senate’s proposed state budget quietly included language that would make DFS a legal, regulated activity in the state, where the industry is embroiled in an ongoing legal battle with Attorney General Eric Schneiderman. That’s the good news.

The bad news is that Bonacic’s plan for regulation includes a $500,000 licensing fee and a 15 percent tax on gross revenue generated by players in the state. That could make it near impossible for all but the biggest operators to do business in the state.

TWEETS OF NOTE

ODDS & ENDS

ODDSMAKER’S TAKE

“We were a little high on Cal. We opened at 7 and it got bet down to 6, and I think that was the first one out of the gate. I wasn’t even done hanging the numbers yet when the money came in on that one.” —Boyd Gaming’s Bob Scucci, on betting support for Hawaii.

Report: Brackets outnumber votes, March Madness betting more than doubles Super Bowl

The number of brackets filled out this week will outnumber the total votes ever cast for a single presidential candidate, according to the American Gaming Association.

The AGA, a casino industry advocacy group, released the figures Monday, claiming 70 million brackets are expected to be filled out during March Madness this year. No President has ever received more than 69 million votes, per data from the Roper Center.

The total amount that will be wagered on this year’s tournament is estimated to hit $9.2 billion, with only about $262 million through legal channels. For comparison, the AGA predicted $4.2 billion would be bet on this year’s Super Bowl, with legal gambling accounting for just $115 million (actual Super Bowl betting in Nevada surpassed the AGA’s estimate).

“Americans’ passion for betting fuels the unmatched popularity of March Madness,” AGA president and CEO Geoff Freeman said in a press release. “Betting increasingly drives sports fans—and even casual observers—to invest in the tournament, offering further evidence that sports betting is the new national pastime. It’s time for a fresh, rational approach to sports betting that reflects this reality.”

In Nevada, the impact of the NCAA tournament is obvious. Monthly betting handle on basketball has set records each of the last two years in March, hitting $375 million last year (NCAA and NBA combined). Much of the action comes in the first weekend of the tournament, as the first two rounds are completed between Thursday and Sunday.

“It’s crazy, because that first weekend is all in, and then the rest of the tournament betting wise is sort of calm,” said Nick Bogdanovich, William Hill US director of trading. “(Bettors) embrace that first four days of furious action where they can make a straight bet or make an eight-teamer, no problem, and you can get hot and turn a little into a lot or go broke trying to chase your money.

“It turns into quite a betting spectacle those first four days.”

AROUND THE WEB

  • FanDuel, DraftKings and the Fantasy Sports Trade Association oppose the DFS bill that passed a New Jersey Senate Committee on Monday. The bill would allow fantasy contests in the state, but would introduce taxes and regulatory fees, and it makes no statement on the matter of skill vs. chance.
  • A small startup site says it will have to leave Virginia due to a recently passed law, which includes a $50,000 licensing fee.
  • Pennsylvania remains the best candidate for online gambling expansion this year.
  • Pinnacle has launched a native mobile app.

LOOK WHO’S TALKING

“If you’re a college basketball fan, it’s better than the Super Bowl because there is a lot more action” —Jay Rood, sports book director for MGM Resorts, on March Madness in Las Vegas.

TWEETS OF NOTE

ODDS & ENDS

ODDSMAKER’S TAKE

“West Virginia was probably our biggest miss in terms of opener,” CG Technology’s Jason Simbal on the fluctuating point spreads for first-round matchups.

Selection committee second guessed by bookmakers; futures odds for NCAA field

The theme of upsets that ran through conference tournament week extended to the selection committee as the field for the NCAA tournament was announced Sunday with more than a few puzzlers.

Snubs are as much a part of the annual ritual of March Madness as first-round upsets and buzzer beaters, but this year’s bracket seems especially out-of-sync with public perception—and betting market values.

ESPN’s Joe Lunardi correctly predicted 65 of the 68 teams—his lowest total since 2011—but didn’t hold back in a column headlined “The selection committee got so much wrong–and here is how.”

… the committee’s performance is slipping, year over year, and it’s also my job to point that out when necessary. Put aside my three misses for a moment — Vanderbilt (perfectly reasonable selection), Syracuse (borderline at best) and Tulsa (indefensible by every known standard) — and what you have is a selection and bracketing process that appears to have gone off the rails.

Bookmakers were also bewildered by some of the committee’s decisions. In addition to Tulsa getting in, Oregon getting a No. 1 seed over Michigan State was especially egregious in the eyes of many, including Jay Rood, vice president of race and sports at MGM Resorts.

Rood, to the Las Vegas Sun:

Michigan State not getting a No. 1 seed was screwy. They’ve been the clear-cut favorite for us the last few weeks, so I think they really missed the mark on that. … (No. 4 seed) Kentucky has a more solid power rating than Oregon. Oregon is just living off of recency. If you would have told me a week ago that Oregon was going to be a No. 1 seed, there’s no way I would have believed you.

Prior to the bracket announcement, the Ducks were listed at 30/1 odds to win the tournament, while the Spartans were one of the favorites at 5/1.

Maybe the only thing garnering more dismal reviews than the selection committee is CBS’s selection show. Freshly bloated to a two-hour runtime, it was a near unanimous flop, from Charles Barkley fumbling with touchscreens, to the actual bracket getting leaked on Twitter prior to the network unveiling.

Thankfully for all involved, basketball gets started with a First Four doubleheader Tuesday night. As of Monday morning, Florida Gulf Coast is a consensus six-point favorite over Fairleigh Dickinson, while Wichita State is giving three points to Vanderbilt.

NCAA Tournament futures odds

 WestgateWilliam Hill5Dimes
Kansas9/29/2+515
Michigan State5/19/2+815
North Carolina5/14/1+635
Virginia12/115/1+900
Villanova12/118/1+1300
Kentucky15/110/1+1350
Oregon15/112/1+2200
Oklahoma20/118/1+1200
Xavier25/130/1+3000
West Virginia25/125/1+1800
Duke25/128/1+2500
Miami30/140/1+5000
Texas A&M30/130/1+3000
Indiana30/140/1+4000
Purdue30/150/1+3300
Maryland30/130/1+3500
Utah40/140+6600
California40/150/1+6000
Arizona40/135/1+4500
Iowa State60/160/1+5500
Baylor60/150/1+8000
Texas 80/175/1+5500
Notre Dame80/175/1+11000
Seton Hall80/150/1+15000
Gonzaga80/1100/1
Wisconsin100/1100/1+10000
Dayton100/1200/1+20000
Iowa 80/1150/1+8000
Uconn100/150/1
Vanderbilt100/1200/1
Wichita State80/1100/1
Oregon State80/1300/1+35000
St. Joseph's200/1125/1
Providence200/175/1
Butler200/1200/1
Cincinnati200/1125/1
VCU200/1200/1
Michigan 200/1300/1
Texas Tech200/1300/1
Colorado200/1200/1
Pitt300/1200/1
Syracuse300/1200/1
Temple300/1250/1
Tulsa300/1300/1
Northern Iowa500/1250/1
Chattanooga500/1600/1
Arkansas-Little Rock500/1600/1
Hawaii1000/1400/1
Buffalo1000/1400/1
Fresno State1000/1400/1
S.F. Austin1000/1250/1
Middle Tenn. State1000/11000/1
Yale1000/1600/1
South Dakota State1000/11000/1
NC Wilmington2000/1600/1
Stony Brook2000/11000/1
Iona2000/1400/1
Wisc-Green Bay2000/1750/1
Cal St. Bakersfield2000/12500/1
UNC-Asheville2000/11000/1
Weber State5000/1600/1
Austin Peay9999/12500/1
Hampton9999/15000/1
Fla. Gulf Coast9999/15000/1
Fairleigh Dickinson9999/15000/1
Southern9999/15000/1
Holy Cross9999/15000/1

AROUND THE WEB

LOOK WHO’S TALKING

“We go to great lengths to prevent the tournament field from being revealed early and the NCAA took its usual measures to prevent this from happening. Unfortunately, and regrettably, the bracket was revealed prior to our broadcast partners having the opportunity to finish unveiling it. We take this matter seriously and we are looking into it.”—NCAA statement after the official brackets were leaked early on Twitter on Sunday.

TWEETS OF NOTE

ODDS & ENDS

ODDSMAKER’S TAKE

“It’s almost like they had the seeds backwards here. The ceiling for Gonzaga is much higher. That’s one of the teams that’s a double-digit seed, though they shouldn’t be, that could go far in the tournament.”—Jay Rood, VP of race and sports for MGM Resorts, on one of many gripes with this year’s NCAA tournament bracket.

Betting roundup: DraftKings steps in, bails out shuttered DFS site FantasyHub

After three weeks without access to their money, players from FantasyHub will have their balances restored, thanks to a bail-out deal from DraftKings.

The daily fantasy sports industry co-leader, DraftKings announced Thursday night it would take on FantasyHub’s obligations to both players and charities, a sum of a “few hundred thousand dollars,” according to ESPN’s David Purdum, who broke the story.

“This is not an acquisition deal or an asset purchase deal,” DraftKings co-founder Matt Kalish told ESPN. “This is a very simple deal, where we’re assigning two liabilities from [FantasyHub] over to DraftKings in an effort to do the right thing for their player base, which has a nearly 80 percent overlap with our own. We never want to see our player base go through an experience that’s negative like this. What happened here was reprehensible. It is a breach of trust for these players and we share a lot of these players with them. We just didn’t think it was the right thing to do to sit on the sideline and let that happen. We had the ability to step up and do something.”

FantasyHub, a smaller site founded in Louisville, Ky., and based in Austin, suspended operations on Feb. 19, leaving players with no way to access their funds. Deepening the scandal, anecdotal reports surfaced that FantasyHub hadn’t paid some of the charities that players were told a portion of their winnings and deposits were going to.

DraftKings contacted FantasyHub players via email Thursday night with a notification that they can now withdraw or transfer balances through a page on DraftKings’ website.

FantasyHub is the second site to shut down in 2016 without immediately paying out its players. In January, FantasyUp dissolved, saying it did “not have the funds needed to process the withdrawals to all customers.” The company was later acquired by iTEAM Network, which restored player balances and relaunched the site.

AROUND THE WEB

LOOK WHO’S TALKING

“Jose Fernandez is a great example. Jose Fernandez will strike you out and stare you down into the dugout and pump his fist. And if you hit a homer and pimp it? He doesn’t care. Because you got him. That’s part of the game. … If a guy pumps his fist at me on the mound, I’m going to go, ‘Yeah, you got me. Good for you. Hopefully I get you next time.’ That’s what makes the game fun.” —Bryce Harper on tearing down baseball’s unwritten rules in a wide-ranging profile by ESPN The Magazine.

TWEETS OF NOTE

ODDS & ENDS

  • Whatever your perspective, it was an all around great day for baseball quotes. In addition to Harper’s candid thoughts on the state of the game, we were gifted with Goose Gossage deciding to go in on Jose Bautista and “nerds” in a profanity-filled rant.
  • Some odds and prop bets have been posted for next month’s Manny Pacquiao/Timothy Bradley fight.
  • DraftKings CEO Jason Robins will make an appearance at South by Southwest next week in Austin.
  • At least three NFL GMs have crossed Brent Grimes off their list of possible signings, due to his outspoken wife.
  • Bettors took a brutal loss/miraculous win in the Oklahoma/Iowa State game last night.
  • And bettors who pushed the Fresno State/UNLV line from a pick ’em to Fresno -3.5 were rewarded last night when the Bulldogs took a 13-point win.

ODDSMAKER’S TAKE

“It has been wild, and it pretty much emulates what we’re going to see next week. There is still David and Goliath, but that gap has narrowed so much.” —Sunset Station sports book director Chuck Esposito on this week’s college basketball upsets.

FanDuel alters MLB scoring system; roster configuration remains unchanged

A week after rival DraftKings announced significant changes to its baseball contests, FanDuel has tweaked its scoring system.

The biggest difference is that batters will no longer be penalized with negative points for outs; otherwise, the points rewarded have increased, but ratios remain the same. For example, last season a single was worth one point, a double worth two, etc. This season, a single is worth three points and a double worth six, and so on.

See below for the complete scoring chart.

DraftKings altered its scoring and roster composition rules last week, no longer deducting for caught stealing, subbing a utility hitter for an outfield slot, and dropping the maximum number of players from a single team from six to five.

FanDuel’s roster rules remain unchanged—rosters must be composed of players from three different teams with no more than four players from a single team—and a FanDuel representative said no other changes are forthcoming.

Last summer, FanDuel lost ground to DraftKings, which is partnered with Major League Baseball,  in the ongoing battle for market share, partly due to the popularity of DraftKings’ baseball vertical. Nonetheless, FanDuel remains the industry leader, according to a recently published study, and DraftKings’ relationship with MLB is reportedly tenuous.

OperatorTotal Entry Fees In ($)Total Prizes Out ($)Effective Rake %
DraftKings15,548,74613,934,50010.39
DraftPot102,595104,3265.8
FanDuel*25,529,83122,946,47310.12
FantasyFeud81,15390,978-12.1n
FantasyDraft144,874158,991-12.6
PickChamps446699-56.7
StarsDraft8311,001-21.6
Yahoo493,327463,0006.2

Note: DraftKings also has categories for Hits Against, BB against, Hit Batsmen, Complete Game, Complete Game Shutout, and No Hitter. 

Betting roundup: FanDuel alters MLB scoring

A week after rival DraftKings announced significant changes to its baseball contests, FanDuel has tweaked its scoring system.

The biggest difference is that batters will no longer be penalized with negative points for outs; otherwise, the points rewarded have increased, but ratios remain the same. For example, last season a single was worth one point, a double worth two, etc. This season, a single is worth three points and a double worth six, and so on.

See below for the complete scoring chart.

DraftKings altered its scoring and roster composition rules last week, no longer deducting for caught stealing, subbing a utility hitter for an outfield slot, and dropping the maximum number of players from a single team from six to five.

FanDuel’s roster rules remain unchanged—rosters must be composed of players from three different teams with no more than four players from a single team—and a FanDuel representative said no other changes are forthcoming.

Last summer, FanDuel lost ground to DraftKings, which is partnered with Major League Baseball,  in the ongoing battle for market share, partly due to the popularity of DraftKings’ baseball vertical. Nonetheless, FanDuel remains the industry leader, according to a recently published study, and DraftKings’ relationship with MLB is reportedly tenuous.

CategoryFanDuel 2016FanDuel 2015DraftKings 2016DraftKings 2015
1B3133
2B6255
3B9388
HR1241010
RBI3122
BB3122
R 3122
SB6255
CSN/AN/AN/A-2
HBP3122
OutN/A-0.25N/AN/A
W12444
ER-31-2-2
K3122
IP312.252.25

Note: DraftKings also has categories for Hits Against, BB against, Hit Batsmen, Complete Game, Complete Game Shutout, and No Hitter. 

AROUND THE WEB

  • Japanese baseball’s most prestigious franchise has been rocked by a gambling scandal, forcing the resignation of the team’s top executives.
  • Wednesday was the beginning of free agency season in the NFL, which means loads of fake tweets. ESPN fell pretty hard for one yesterday.
  • Here’s a recap of the deals that actually (probably) did happen, including the Texans agreeing to terms with Brock Osweiler and Lamar Miller.
  • Connecticut lawmakers look to regulate fantasy sports sites.

TWEETS OF NOTE

ODDS & ENDS

Betting roundup: Futures odds on NCAA conference tournaments as Madness heats up

Nine No. 1 seeds have already fallen in small and mid-major conference tournaments, four more teams punched tickets to the NCAA tournament Tuesday night, and seven more conference tournaments tip off today as the blitzkrieg of basketball known as March Madness ramps up.

With it, betting action gains steam as well. Highlighted by the first weekend of the big dance, the NCAA tournament is one of the marquee events on the sports betting calendar. This weekend serves as an appetizer of sorts, with plentiful betting options available.

Here’s a look at the futures odds for some of the tournaments that start today and later this week.

 Westgate SuperBookBetOnline5Dimes
AAC TOURNAMENT
Cincinnati5/2+200
Uconn3/1+200
Tulsa9/2+500
Temple5/1+700
Houston7/2+450
Memphis15/1+900
Field60/1+5000
ATLANTIC 10 TOURNAMENT
VCU8/5+125
Dayton4/1+350
St. Joe's5/1+500
St. Bonnny's7/1+700
George Washington7/1+600
Rhode Island15/1+1200
Richmond+1200
Davidson+1600
Field7/1+2500
BIG EAST TOURNAMENT
VillanovaEven+100-115
Xavier3/1+250+225
Butler13/2+500+800
Seton Hall8/1+750+1000
Creighton12/1+1200+1800
Providence12/1+1200+1600
Georgetown+2500+3600
Marquette+3300+10000
DePaul+20000
St. John's+25000
Field25/1
BIG TEN TOURNAMENT
Michigan StateEven+105+150
Indiana7/2+300+300
Purdue9/2+550+600
Maryland8/1+600+600
Iowa10/1+800+600
Wisconsin22/1+1400+1400
Michigan +2800+3300
Ohio State+5000
Northwestern+6600
Nebraska+8000
Penn State+10000
Illinois+10000
Minnesota+15000
Rutgers+20000
Field25/1+3300
BIG 12 TOURNAMENT
Kansas6/5+115+120
Oklahoma7/2+375+300
West Virginia7/2+250+325
Iowa State8/1+800+800
Texas12/1+1000+1200
Baylor12/1+750+1000
Texas Tech+3300+2000
Kansas State+8000
Oklahoma+15000
TCU+25000
Field40/1+3300
MOUNTAIN WEST TOURNAMENT
San Diego State7/5+140
Boise State5/2+175
UNLV7/1+375
Fresno State8/1+600
New Mexico8/1+600
Nevada15/1+2000
Field12/1+1800
PAC 12 TOURNAMENT
Arizona5/2+200+175
Utah7/2+300+400
Oregon5/2+275+300
California7/2+375+450
USC+2000+1200
Colorado+1800+2000
Washington+2800+3300
Oregon State+3300
Stanford+6600
Arizona State+8000
SEC TOURNAMENT
Kentucky10/11-120+125
Vanderbilt4/1+450+350
Texas A&M4/1+300+275
Florida15/1+1200+1200
LSU12/1+1600+1200
South Carolina30/1+1200+900
Georgia40/1+4000
Ole Miss40/1+3300+5000
Arkansas60/1+2500+5000
Alabama60/1+4800
Tennessee+6600
Mississippi State+6600
Auburn+100000
Field80/1+2000

AROUND THE WEB

At least one smaller DFS operator has already announced it will pull out of Virginia rather than pay the fees associated with the regulatory bill that was signed into law earlier this week.

The Fantasy Sports Trade Association can’t seem to make up its mind on the Virginia bill.

Speaking of the FSTA, Legal Sports Report has a look at how the organization gutted its own enforcement capabilities. One could argue that it never really had the capacity to enforce its charter in the first place, since it admittedly didn’t conduct oversight of its member companies. Still, it’s a bad look when you remove practically all language referencing repercussions for failure to comply.

A quick rundown of the Mountain West and Pac 12 tournaments from a betting perspective via the Las Vegas Review-Journal.

LOOK WHO’S TALKING

“In essence, the bill is a big win for FanDuel, DraftKings, and perhaps Yahoo, which are companies that can afford the licensing fee. By contrast, the bill is a huge loss for almost everyone else in the marketplace…” —attorney and fantasy sports industry observer Marc Edelman on the regulatory bill in Virginia.

TWEETS OF NOTE

ODDS & ENDS

  • BetOnline posted AL and NL MVP odds Tuesday, making Mike Trout and Bryce Harper the favorites.
  • ESPN Chalk has gathered all the futures odds from the Westgate Las Vegas SuperBook in one place.
  • If you’re planning to be in Las Vegas for the first round of the NCAA Tournament, here’s a guide to all the locations holding watch parties.
  • A former JP Morgan broker was sentenced to five years in prison after losing his clients’ money on football games.

Daily fantasy sports scores legislative win, but small sites bemoan looming duopoly

On Monday, Virginia governor Terry McAuliffe signed into law the Fantasy Contests Act, making it the first state to formally legalize daily fantasy sports. It is being hailed as a victory for the industry at a time when bad news outnumbers the good, but some smaller operators are unhappy.

The bill includes a one-time $50,000 licensing and an annual $5,000 regulatory fee. Its broad language also makes no mention of the word “daily,” making it applicable to real-money seasonlong operators as well.

“It really puts us out of business in your state,” David Gerczak, co-founder of a high-stakes, seasonlong fantasy football site, told the Virginian-Pilot.

He’s likely not alone. While the daily fantasy sports market is dominated by behemoths FanDuel and DraftKings, there are dozens of smaller companies that might find $50,000 fees for a single state prohibitive.

“Maybe one or two could try and pony up the dough,” Gerczak told WFYI in Indianapolis. “But when you think about all the states we’re talking about, what they’re trying to do is create this duopoly.”

Indiana could be the next state to make DFS legal. Its bill, which includes identical fees, is currently awaiting the governor’s signature after easily passing through both chambers of the state legislature.

Twenty-three states currently have active legislation that would legalize DFS and introduce some form of regulation. Many of those are seemingly based on the model bill created by the Fantasy Sports Trade Association. The model does not include fees or taxes, but could be amended to include both.

AROUND THE WEB

  • The Nevada Gaming Policy Committee talked about daily fantasy sports at length in Monday’s meeting, which featured an appearance from FanDuel and DraftKings CEOs Nigel Eccles and Jason Robins, respectively. Some six months after the state Attorney General said daily fantasy companies needed to apply for gaming licenses to operate in the state, the committee is considering possible amendments to its current regulatory infrastructure or the creation of a new scheme to deal specifically with DFS.
  • Meanwhile, veteran sports book operator Vic Salerno says his DFS site, US Fantasy, remains on track to be up and running in Nevada and beyond by the start of the 2016 NFL season.
  • A new effort launched to regulate (and tax) DFS in New Jersey.

LOOK WHO’S TALKING

“We got our nuts kicked in.”—BetOnline’s Dave Mason on the losses absorbed by the online book thanks to a pair of upsets in UFC 196 on Saturday.

TWEETS OF NOTE

ODDS & ENDS