Oakland Ruins Barack Obama's March Madness Bracket, Helps Sportsbooks With Huge Upset Of Kentucky
Portfolio Pulse from Chris Katje
Oakland University's upset win over Kentucky in the 2024 NCAA Men's Basketball Tournament has significantly impacted sportsbooks, with BetMGM (MGM), DraftKings Inc (DKNG), and Rush Street Interactive (RSI) seeing shifts in betting patterns. Former President Barack Obama's bracket, which had Kentucky reaching the Final Four, is likely to rank lower due to this upset. The win by Oakland, a 14-seed, against 3-seed Kentucky was the biggest upset of the tournament's first day, with sportsbooks potentially benefiting from the unexpected outcome.
March 22, 2024 | 9:08 pm
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POSITIVE IMPACT
DraftKings Inc saw a significant portion of bets on Kentucky, with 79% of bets favoring them to win. The upset could lead to a short-term positive impact due to the high volume of lost bets.
With a large majority of bets placed on Kentucky to win, DraftKings Inc could benefit financially in the short term from the upset, as the lost bets translate to retained earnings.
CONFIDENCE 70
IMPORTANCE 65
RELEVANCE 80
POSITIVE IMPACT
BetMGM, a joint venture involving MGM Resorts International, could see a positive short-term impact due to Oakland's upset win over Kentucky, as it was considered their biggest liability.
The unexpected win by Oakland reduces BetMGM's liability on Kentucky, potentially leading to favorable financial outcomes for MGM in the short term due to reduced payouts.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Rush Street Interactive, owning BetRivers, saw 74% of bets on Kentucky. The upset could positively impact RSI in the short term due to the unexpected outcome.
Given the high percentage of bets placed on Kentucky through BetRivers, RSI stands to benefit in the short term from the upset, as the majority of these bets would not pay out.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 75