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Last Shot Costs Bettors

CONNECTICUT – As reported by ESPN: "…When Duke senior Chris Duhon nailed a 38-foot three-point shot off one leg as time expired in the semifinal game against the University of Connecticut on Saturday night, the Blue Devils still lost the game. But to those who wagered on the blue and white, the fortuitous bank shot that made the final score 79-78 meant that the underdogs covered the spread, which was between two and three points.

"Those who put money on the Huskies, who had a 12-point run late in the game to take the lead, suddenly had lost their bet. Those who put money on Duke to cover collected their winnings.

"With approximately $100 million being bet on March Madness each year in Las Vegas and about $2.5 billion wagered online according to the FBI, the Duhon shot transferred anywhere from $30 million to $100 million from those who bet on UConn to cover the point spread to those who bet on Duke to cover, as estimated by those closely tied to the sports gambling business.

"…Sportsbooks often have their best days on big games when the underdog covers the spread, but doesn't win…"

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