Bettors Back UNC in March Madness Amid Online Betting Launch

© Rob Kinnan-USA TODAY Sports
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It only took 24 hours for the newly-launched North Carolina online sports betting market to attract hordes of March Madness bettors.

According to BetMGM, one of eight sportsbooks that launched in North Carolina at noon on Monday, nearly one-half of March Madness futures bets placed during the first day of legal online wagering were on the UNC Tar Heels.

Fittingly, the company also reported that the first bet it accepted in North Carolina following the Monday launch was for UNC to win the NCAA Tournament at +1800 odds.

Early turnout

North Carolina legalized retail sports betting at a few tribal casinos in 2019 but waited five years to expand into the online realm. The highly-anticipated launch was commemorated with bets from Gov. Roy Cooper, ex-Carolina Panthers tight end Greg Olsen, and several other high-profile bettors.

While locals now have the option to bet on the NBA, NHL, and other major sports, many have turned their attention to college basketball and the start of March Madness next week.

Per BetMGM’s insights, the Tar Heels were picked to win March Madness by 47.9 percent of bettors during the first 24 hours of online betting. Behind them and in second place was the defending champion UConn Huskies at 9.5 percent, followed by top-ranked Houston at 8.1 percent. 

  • North Carolina – 47.9%
  • UConn – 9.5%
  • Houston – 8.1%

The Duke Blue Devils were also among the betting public’s favorites, with 4.2 percent of tickets identifying the in-state school as the next national champion.

BetMGM lists UNC sixth in its list of odds to win March Madness at +1800. Duke, close behind in ninth, is +2500.

UConn, Houston, Purdue, Arizona, and Tennessee fill out the top five spots. UNC lost to UConn 87-76 near the start of December but beat Tennessee 100-92 a week prior.

The Tar Heels also won both meetings with the Blue Devils, including the ACC regular-season title-deciding match in Durham on March 9.

How will March Madness shape up?

Before Selection Sunday reveals the 68 teams that will compete for a national title, four North Carolina schools—UNC, Duke, NC State, and Wake Forest— will compete in the 2024 Men’s ACC Tournament. 

UNC and Duke were a clear one-two combo of favorites as of Wednesday morning. The Tar Heels were listed at +135 odds to hoist the ACC Championship Trophy, followed by their archrival at +150.

Wake Forest was tied with Clemson at +1000 odds, while NC State, which beat Louisville 94-85 on the first day of tournament play, was given +8000 odds.

Of those four, UNC and Duke are near-locks to make the March Madness bracket. 

Joe Lunardi’s Wednesday edition of bracketology had UNC as the second seed in the East region, which it shared with No. 1 UConn and No. 3 Kentucky (both of whom it lost one matchup with each this season). Duke, meanwhile, was a projected three seed in the South region, also occupied by NO. 1 Houston and No. 2 Creighton.

Lunardi listed Wake Forest as the third of the “First Four Out,” or the four teams that would just miss out on qualifying for the tournament. The University of Virginia, meanwhile, was one of the “Last Four In,” which heightens the importance of the upcoming tournament games.

NC State was not listed and is expected to miss the tournament.

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