Each year, the NCAA Men's Basketball Tournament's March Madness gives fans the opportunity to win big from bets. The American Gaming Association reports an estimated 47 million Americans placed bets totaling $10 billion, both legal and illegal, on March Madness 2021.
The bets are made across hundreds of platforms, from Las Vegas to using the Draftkings Inc (NASDAQ:DKNG) app, potentially making large sums for ordinary people.
For example, in 2019 a teacher in Asbury Park, New Jersey, won a whopping $1,345.78 on a 14-cent parlay that was confirmed when Auburn beat Kansas 89-75.
A bettor in 2021 put down $10 on a 10-leg parlay via DraftKings, heavily relying on upsets in the first weekend of the tournament, with it paying out $33,201.09 in winnings.
A dentist in Lehi, Utah, won the ESPN 2021 Tournament Challenge, beating out 14 million bettors by choosing an almost perfect March Madness bracket.
This year, a bettor using the BetMGM app won $341,088 on a $1,650 13-leg parlay of which 11 of the 13 legs hit when the bettor cashed out the winnings. The final two legs of the parlay were hit later, meaning the bettor could have walked away with a total of $1,092,551 if they had held on a bit longer. BetMGM is owned by MGM Resorts International (NYSE:MGM) and Entain plc.
Famed bettor and owner of Gallery Furniture, James McIngvale, known as "Mattress Mack," bet $1 million on the NCAA tournament champion to come from the East region at +260 odds. He used the Caesars Entertainment Inc (NASDAQ:CZR) Sportsbook app to bet and if it hits, Mack will receive $2.6 million.
Related Link Here's Why Mattress Mack Wagered $6M On Alabama To Win The CFP Championship
