The first 12-team College Football Playoff kicks off this weekend, hopefully bringing with it the upsets, drama, and suspense the sport is known for. The new, expanded format gives more schools a chance to compete for a national championship and more gamblers a chance to cash in (so they hope). One bettor has already placed a $1.5 million bet on Texas to win it all—at odds of +390, their payout would be $5.75 million.
Wagers have poured in from 38 states that have legalized sports betting. But sports betting is still illegal in states that are home to five of the 12 universities in the tournament: Idaho (Boise State), South Carolina (Clemson), Georgia (and the flagship Bulldogs), and Texas (Southern Methodist and the Texas Longhorns). (Wagering is legal in Oregon, but the state's lone sportsbook does not offer bets on college sports.)
