2025 March Madness betting report: 'It's a miracle we've done as well as we have'

By the time March Madness got through the Elite Eight odds market, wagering had fully taken on the identity of an NFL Sunday.

In other words, the public betting masses were stacking up favorites on moneyline parlays. And the public got paid.

"This Tournament wasn’t dominated by sharps. It was dominated by recreational players," said Jay Kornegay, who’s seen it all in 38 years behind the counter, including the last 20 years running The SuperBook.

A few oddsmakers helped recap the weekend that was in March Madness odds for the Sweet 16 and Elite Eight.

Playing Favorites

Over the Tournament’s first four days, upsets were relatively limited. Favorites won 36 of 48 games. That was a precursor of the second weekend.

Favorites went 8-0 in the Sweet 16 and 4-0 in the Elite Eight. Dating back to the second day of Round 2, on March 23, when favorite moneyline parlays really got rolling, chalk is on an 18-2 run straight up. 

That’s how you get four No. 1 seeds on the Final Four oddsboard.

And that’s how the public cashes out like mad.

Jay Kornegay, who spent nearly 40 years behind the counter, including the last 20 running The SuperBook in Las Vegas, summed it up well.

"Parity is the bookmaker’s best friend, and we just haven’t seen it this Tournament," Kornegay said Sunday night. "Recreational bettors prefer to bet the better team — the favorite — and when we don’t get upsets, it’s going to make for long days.

"And a majority of those bets are connected by parlaying point spreads and moneylines."

Kornegay recently semi-retired, handing over The SuperBook’s day-to-day reins to John Murray, who echoed his former boss’ sentiments.

"It’s tough for the house to do well with all these favorites winning. It made for some ugly parlay