The Saint Peter’s Peacocks are America’s darling after pulling off three consecutive upset wins to become the first 15th-seeded team to reach the Elite Eight in the NCAA Tournament. Sportsbooks are hoping the Cinderella run ends soon, though.
BetMGM vice president of trading Jason Scott told ESPN that Saint Peter’s winning the national championship would be the company’s largest-ever loss on a futures market in any sport.
Prior to the start of the tournament, Saint Peter’s had odds as long as 10,000-1 to win it all, but the team’s improbable run has cut that all the way to 40-1. Still, Scott says there are hundreds of bets on the Peacocks to win at long odds, including a $4,000 ticket at 200-1 odds that would pay $800,000.
Saint Peter’s beat Kentucky, Murray State and Purdue to earn its spot in the Elite Eight and will face the eighth-seeded North Carolina Tar Heels for a chance at the Final Four. On Saturday, Duke and Villanova became the first two to secure Final Four berths.
Saint Peter’s is an eight-point underdog against UNC, and more than 70 percent of the public is reportedly betting on the Peacocks.