The North Carolina Tar Heels and the Saint Peter's Peacocks are in the Elite Eight. (1:40)
The NCAA tournament run by Saint Peter's has some sportsbooks facing historic liabilities and put New Jersey bookmakers in the unusual position of potentially having to pay out on a losing team.
The 15th-seeded Peacocks could win the national championship if they wanted to. They have pulled off upsets of Kentucky, Murray State and Purdue and are the first 15 seed to reach the Elite Eight.
Saint Peter's is 40-1 to win the national championship at BetMGM.
The largest loss on a futures market in company history would be caused by the Peacocks winning the national championship. The largest ticket on a Peacocks national title at BetMGM is $4,000 at 200-1, which would pay a net $800,000. There are hundreds of smaller bets on Saint Peter's.
The Tar Heels are a big favorite against the Peacocks.
New Jersey sportsbooks are not allowed to offer college sports betting. Jersey City is where Saint Peter's is located. The Peacocks were not included in the odds to win the East Region. Even if Saint Peter's upsets North Carolina, New Jersey sportsbooks would still pay out tickets to the Tar Heels. Sportsbooks are not allowed to pay out on winners.
The Peacocks were the overwhelming favorites to win the Saint Peter's-North Carolina game.
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