March Madness betting: UNC futures have already won, due to New Jersey technicality

Sunday's matchup between the North Carolina Tar Heels and the Saint Peter's Peacocks may matter to the players and fans, but for BetMGM bettors in New Jersey who are holding tickets on UNC winning the East, the result is already a stone cold lock. Thanks to a New Jersey law, Tar Heel Final Four futures will be paid out regardless of who wins the game.

Pay that man his money

The Garden State prohibits wagering on New Jersey college teams and on any collegiate sporting event being played in the state. Saint Peter's is located in Jersey City, New Jersey. Any bettor from Bon Jovi's stomping grounds who wanted to speculate on which team would win the Peacocks' East region in the NCAA tournament was allowed to pick from 15 of the 16 schools. If a college from New Jersey wins the region, then BetMGM in New Jersey pays out the second-place team as the winner. That means New Jersey bettors with UNC tickets will win if the No. 8 Tar Heels beat No. 15 Saint Peter's, but also if they lose to them. North Carolina opened the tournament at 22-to-1 to win the East region and is an 8.5-point favorite on Sunday.

If Saint Peter's were to win the national championship, the same application would be made to the title game, where BetMGM in New Jersey would pay out any title futures placed on the runner-up. The Peacocks were 1,000-to-1 to win it all before the tournament began and are currently 40-to-1.

A ballot measure allowing wagers to be placed on in-state college teams and events was passed in the New Jersey state Senate and Assembly and signed by Governor Phil Murphy last year. It was then placed on ballots for Garden State voters to decide. The measure was defeated, with only 43% support.