(AsiaGameHub) –   Favorites controlled the opening rounds of March Madness, winning 20 consecutive games at one point, but sportsbooks secured a major victory when top-seeded Florida fell to No. 9 Iowa on Sunday.

The Gators were a popular betting choice heading into the NCAA Tournament, making their unexpected defeat a significant benefit for sportsbooks.

“That halted the onslaught of bets on favorites and moneyline parlays,” said Caesars Sports Head of Basketball Trading Rich Zanco. “Iowa’s win was a major necessity. It saved the day.”

Gators Get Gone, Sportsbooks Get Paid

Florida entered the game as a favorite by up to 10.5 points against Iowa. The Gators’ moneyline was -550, implying an 84.62% chance of winning the game straight up.

“The betting action was overwhelmingly on Florida. There were numerous parlays involving Florida on both the moneyline and the spread,” Zanco stated. “Clearly, Iowa winning and eliminating Florida from championship futures betting is very significant.”

Zanco mentioned that Caesars Sports accepted a “significant” six-figure wager on Florida to cover a 10-point spread just before the game began.

Major upsets are an annual feature of March Madness. With the defending champion Florida eliminated, the remaining No. 1 seeds—Arizona, Michigan, and Duke—now lead the national championship odds.

Sportsbooks also gained from Florida’s removal from the futures market. SuperBook Vice President John Murray pointed out that Florida represented one of his book’s largest potential payouts.

“That’s an excellent result for us. All the accumulating liability from moneyline parlays was tied to Florida and Arizona,” Murray said. “Getting Florida out of the futures book is also great. That was huge for us.”

He added, “I don’t want to reach the Final Four and still have Florida and Duke in contention.”

Duke advanced after defeating TCU 81-58 on Saturday. The Blue Devils had narrowly escaped an upset by No. 16 Siena in the first round.

Bettors Benefit From Epic Run By Favorites

Moneyline parlays that stack favorites are a common strategy for many bettors. With these wagers, the point spread doesn’t matter; the favored teams simply need to win their games. One such parlay, combining Iowa, St. John’s, Houston, and Illinois, was successful on Saturday.

Favorites won every one of the 16 games on Friday and the initial four on Saturday, enabling bettors to profit handsomely from these parlays built on favorites.

“The wave of favorites kept coming, and we couldn’t find an underdog to win,” Zanco remarked. “Bettors found particular success on Saturday with Michigan and Michigan State, and then carried those winnings into the Duke game.”

He added, “Bettors performed exceptionally well on Saturday.”