It is sportsbooks favorite time of the year.
March Madness is here.
It is America’s biggest betting event.
The American Gaming Association announced that they are estimating a whopping $3.1 billion to be legally wagered between the men’s and women’s NCAA tournaments.
Surely to be a part of that, is Barstool Sports founder Dave Portnoy.
The outspoken and controversial public figure built his sports media empire on the back of his gambling prowess and one has to look no further than what Portnoy did 12 months ago.
When Dan Hurley and the Connecticut Huskies cut down the nets after defeating Purdue in the national championship game, Portnoy collected $2.76 million.
That’s because he placed a $600k wager on the Huskies before the tournament started, ultimately paying off at 3.6-to-1.
“The greatest bet of my life,” Portnoy said after the win.
“The biggest win of my life by a mile.”
He will be looking to recapture that same magic in this year’s tournament.
And will be hoping to do so, to recoup some of the money he lost over the fall during the college football season.
The Barstool Sports founder place a $100k wager on Alabama to win the national championship.
The Crimson Tide ended up not even making the playoff.
At the time of the bet, Alabama was +1000 to win the title.
If they had won, that would have resulted in a $1 million payout.
The pizza review expert has a net worth of reportedly $100 million, so he is by no means strapped for cash.
Which is partly why he makes large wagers to begin with.
He can afford to lose a couple of hundreds of thousands of dollars without it making too much of a dent.
Portnoy has not yet announced who he will be betting on for this year’s men’s tournament, as the country holds its collective breath ahead of Selection Sunday.
People will surely look to ride with Portnoy and hope to catch a little of his luck.
But the smart play, as always, will be to fade Portnoy.
Odds are in your favor.
