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The University of Colorado Football team is attracting a large number of bettors predicting success and predicting failure for the 2024 season, which comes after the team saw strong betting interest last season.
What Happened: NCAA Football games are weeks away and will be a key storyline for sports betting stocks and sports bettors around the country.
One team attracting a large number of betting activity is the University of Colorado Buffaloes, who are coached by NFL Hall of Famer Deion Sanders.
A report from BetMGM's John Ewing said the team's win total of 5.5 is the most bet on over and the most bet on under, which shows that many bettors see the team able to have at least six wins in 2024, while many bettors also predict the team underperforming expectations.
Colorado posted a 4-8 record last season, including a 1-8 record in the Pac-12 Conference. The team started 3-0, including an upset win over Top 25-ranked TCU in the first game, before falling off down the stretch.
Strong betting activity on the team to make the 12-team College Football Playoffs has prompted BetMGM, which is a joint venture of MGM Resorts International (NYSE:MGM) and Entain, to lower the Championship odds from +2,000 to +1,800. The team is the most bet NCAA Football team to make the playoffs at BetMGM.
Over at DraftKings Inc (NASDAQ:DKNG), the odds of Colorado winning the NCAA Football Championship are +25,000 and one bettor made a big wager on the outcome. A DraftKings bettor placed a $1,000 wager on Colorado to win the championship, which pays out $250,000 in profit if they're right, as reported by Ben Fawkes.
What's Next: Winning a National Championship will be a tough task for Colorado.
The team moved to the Big 12 Conference and is predicted to finish 11th in the conference of the 16 teams according to a media preseason poll.
Among the games on the team's schedule include matchups against Utah, Arizona, Kansas, Kansas State and Oklahoma State, all ranked in the Top 25 preseason poll. Colorado received only two votes in the preseason poll. Utah, which ranks 13th nationally, is predicted to win the Big 12.
Colorado kicks off its season on Aug. 29 against North Dakota State. The game will air on ESPN, which is a unit of Walt Disney Co (NYSE:DIS). Colorado is hoping to have more ESPN broadcasts in the future, as the sports network is the home of the NCAA College Football Playoffs.
Helping Colorado's odds and potentially the reason for the bets are stars Shedeur Sanders (QB) and Travis Hunter (WR/CB).
Sanders, who is the son of coach Deion Sanders, had 3,230 passing yards, 27 passing touchdowns and only three interceptions last season. The quarterback is listed on DraftKings with odds of +3,500 to win the Heisman Trophy.
Hunter, who excels on both offense and defense, has odds of +5,000 to win the Heisman.
Sanders is currently projected to be the first overall pick in the 2025 NFL Draft with odds of +400 slightly ahead of Georgia quarterback Carson Beck. Hunter has odds of +2,500 to go first overall.
Benzinga recently reported that the new "College Football 25" video game from Electronic Arts Inc (NASDAQ:EA) might predict an outperformance by Colorado. The team is ranked 87 overall and has the eighth-best offense (89). Hunter and Sanders are among the highest-ranked players in the game at 95 and 93, respectively.
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