March Madness betting: Bettor cashes out early, misses out on $1.1 million payday
Every bettor dreams of hitting a parlay and winning a life-changing amount of money. One bettor at BetMGM did just that this past week to kick off March Madness. However, he must be currently kicking himself despite winning over $340,000.
The bettor risked $1,650 on a 13-leg parlay that originally would have paid out over a million dollars. The 13-leg parlay would have net the bettor $1,092,551. However, after 11 legs hit on the parlay, the bettor decided to cash out for $341,088 rather than risk it on the final two legs of their bet. The final two legs of his parlay both hit on Friday, meaning the bettor left over $750,000 on the table.
The parlay was all men's basketball
The parlay featured 13 basketball moneylines. The bets included were:
Oklahoma ML (-150) vs. Missouri State (NIT)
Vanderbilt ML (-105) vs. Belmont (NIT)
Indiana ML (-200) vs. Wyoming (First Four)
Washington State ML (-165) vs. Santa Clara (NIT)
Virginia ML (-135) vs. Mississippi State (NIT)
Michigan ML (-145) vs. Colorado State (NCAA first round)
Providence ML (-145) vs. South Dakota State (NCAA first round)
Memphis ML (-145) vs. Boise State (NCAA first round)
North Carolina ML (-165) vs. Marquette (NCAA first round)
Arkansas ML (-225) vs. Vermont (NCAA first round)
Murray State ML (-130) vs. San Francisco (NCAA first round)
Illinois ML (-350) vs. Chattanooga (NCAA first round)
TCU ML (-110) vs. Seton Hall (NCAA first round)
The bettor hit the first 11 legs of their parlay and there were two legs of his bet left to be decided on Friday. The person had the opportunity to let their bet ride and potentially win over a million dollars. However, if either Illinois or TCU lost, they would've walked away down $1,650.
Rather than take the risk, the bettor cashed out the parlay and took home a profit of over $340,000. Illinois and TCU both ended up winning, meaning the bettor's original parlay would have hit.
There were some close calls
Not many pay attention to the NIT this time of year unless their teams are involved. Oklahoma, Vanderbilt and Washington State all won their first-round games comfortably, but the bettor's parlay almost went down early. Thankfully, Virginia hung on and beat Mississippi State by a score of 60-57.
The bet continued in the First Four of the NCAA tournament, where Indiana won relatively comfortably against Wyoming.
In the actual tournament itself, Memphis, Michigan and North Carolina all won relatively comfortably. Providence and Arkansas had to hold on late to hold off their opponents. However, the Murray State vs. San Francisco game probably was the impetus for the bettor cashing out their bet.
Murray State had a nine-point lead with just over four minutes remaining in the game. They took an eight-point lead with exactly two minutes left in regulation. However, the San Francisco Dons came storming back to force overtime. Thankfully for the bettor, Murray State survived an insane performance from Jamaree Bouyea and won the game in overtime.
However, that heart-pounding and anxiety-inducing game probably made it a much easier decision for the bettor to cash out his bet before Friday. He literally saw all his potential winnings almost go up in smoke during the Murray State game.
While the bettor did cash out their bet on Friday morning and leave over $750,000 on the table, he saved himself another stressful day at the TV screen. While TCU won comfortably over Seton Hall, Illinois' win over No. 13 Chattanooga was far from comfortable.
The Mocs stormed out to a 20-6 lead in the first half and entered the locker room up four points. In the second half, Chattanooga opened up an 11-point lead but Illinois came roaring back.
Illinois did not take their first lead of the game until there was just 46 seconds left. Even with the lead, the stress level would have been off the charts. Malachi Smith of Chattanooga had the chance to win the game in the final seconds, but his shot clanked off the rim and Illinois held on for a 54-53 win. Chattanooga covered as an 8.5-point underdog, but the bettor only needed Illinois to win the game outright which they did.
The decision to cash out
By deciding to cash out their bet and not let it ride, the bettor sacrificed over $750,000 of potential profit. If Illinois and TCU ended up winning, the bettor would have won almost $1.1 million. Instead, they settled for just over $340,000. As the story played out, both TCU and Illinois won their games.
We can't blame them for taking the money. That's a life-changing amount of money for almost anybody. However, as we watched TCU and Illinois pull off victories, we couldn't help but feel a little sorry for the money left on the table.