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The first monster upset of the 2026 March Madness tournament took place in the second round of 32, as the No 9 seed in the South Region — Iowa — upset the No. 1 seed Florida 73-72 after Alvaro Folgueiras hit the go-ahead three with about four seconds remaining.
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Florida, which was the defending champion, became the first No. 1 (or No. 2) seed to fall in this year’s tournament, leaving No. 1 seeds Michigan and Arizona as co-favorites on the March Madness odds board, followed by Duke (No. 1 seed in the East) and Houston (the highest remaining seed in the South).
Latest March Madness odds after Florida upset
|
Team |
Next Opponent |
|
|---|---|---|
|
Michigan |
+310 |
Winner of Texas Tech/Alabama |
|
Arizona |
+310 |
No. 9 Utah State |
|
Duke |
+400 |
No. 5 St. John’s |
|
Houston |
+700 |
No. 3 Illinois |
|
Purdue |
+1300 |
No. 11 Texas |
|
Illinois |
+1600 |
No. 2 Houston |
|
Iowa State |
+1650 |
No. 6 Tennessee |
|
Michigan State |
+3000 |
Winner of UCLA/UConn |
|
UConn |
+3000 |
No. 7 UCLA (In action) |
|
St. John’s |
+4000 |
No. 1 Duke |
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How these odds have shifted
Following Florida’s early exit, we saw Michigan — who were the favorites heading into Sunday’s action — move from +325 to +310, while Arizona went from +350 to the same price as the Wolverines.
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Duke, the East’s No. 1 seed (which faces the South Region winner in the Final Four) moved from +475 to +400, while Houston — the highest seed left in the South with the Gators gone — moved from 9/1 to +700.
West No. 2 Purdue, who faces a Cinderella in 11th-seeded Texas in the Sweet 16, moved from +1600 to 13/1, while Illinois, which faces Houston in the next round, went from 16/1 to +1500.
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Popular March Madness markets
Past March Madness winners
(Opening odds courtesy Sports Odds History)
|
Year |
Champion |
Opening odds |
Runner-Up |
|---|---|---|---|
|
2025 |
Florida |
+8000 |
Houston |
|
2024 |
Connecticut |
+1100 |
Purdue |
|
2023 |
Connecticut |
+1600 |
San Diego State |
|
2022 |
Kansas |
+2000 |
North Carolina |
|
2021 |
Baylor |
+800 |
Gonzaga |
|
2020 |
No tournament (COVID-19) |
N/A |
N/A |
|
2019 |
Virginia |
+1800 |
Texas Tech |
|
2018 |
Villanova |
+1200 |
Michigan |
|
2017 |
North Carolina |
+2400 |
Gonzaga |
|
2016 |
Villanova |
+2000 |
North Carolina |
|
2015 |
Duke |
+1000 |
Wisconsin |
This article originally appeared on Covers.com, read the full article here and view our best betting sites or check out our top sportsbook promos.
