In December of 2020, one gambler bet the Michigan Wolverines to win the College Basketball National Championship at odds of 125-1. The bettor wagered $800 on the ticket to win $100,000.
Fast forward a couple of months and that bet is looking even juicier. The Wolverines are 16-1 overall and 11-1 in the Big Ten. Michigan is currently first in the conference and have run off five straight wins. Their great play has shortened their odds to win it all, as the Wolverines are now +450 to win the NCAA tournament at DraftKings Sportsbook.
Yesterday, the owner of this ticket posted it for sale at $13,000.
In years past, the bettor would have no choice but to let the ticket ride. But, thanks to PropSwap -- a ticket exchange that lets you buy and sell active betting tickets -- the gambler still has a chance to move his lottery ticket to a prospective buyer.
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Coach Juwan Howard has the team heating up at the right time and the Big Ten is one of the best conferences in this nation this year. That combination and their win over Ohio State this past weekend makes this a hot ticket.
“In December, this customer bought Michigan at 125-1 odds to win it all, and put a whopping $800 on it,” said Luke Pergande, Founder of PropSwap. “Typical Futures we see are initial bet amounts of $50 or $100.”
Now we wait.
“The Seller now has it posted at new odds of +675 and currently DraftKings has Michigan at +450, so the Buyer would get an excellent price,” Pergande said. “If Michigan makes it to the Final Four, that could be a fun trip to Las Vegas (where the ticket is from), giving the buyer a chance to win over $100,000.”
Let’s see if anyone scoops up this ticket, but I like the overall strategy by the bettor. I’d cash out then make some subsequent bets from now until the end of March Madness to ensure a big payout if things played out exactly the way I envisioned when placing the bet.
This will be a fun scenario to watch play out come March Madness. What would you do in this position?