The North Carolina Tar Heels are one of the most popular teams among sports bettors ahead of the NCAA Tournament.
Hubert Davis' club is the team most bet on to make the Final Four and Elite 8 at BetMGM Sportsbook in terms of tickets.
They also have the third-most berths to the Sweet 16.
The Tar Heels quickly became one of the biggest risks for BetMGM if they advanced in the tournament.
“Kentucky State has the biggest responsibility to win the NCAA Tournament,” BetMGM senior trader Michael Ranfl said in a statement. “However, with the recent launch of legal sports betting in North Carolina, the Tar Heels are becoming big losers for sportsbooks along with local fans who believe in them.
“It would be great for BetMGM to have both bluebloods removed from the slot early.”
North Carolina currently has only the defending champion UConn Huskies second in national championship tickets (10.1 percent) and handles (11.2 percent) at BetMGM.
Despite an upset loss to North Carolina State in the ACC Championship Game, the Tar Heels earned the No. 1 seed in the West, the last top seed available.
They finished the regular season with a 27-7 record and a dominant 17-3 conference record.
The Tar Heels are +1300 to win the tournament, which is the fifth-best odds at BetMGM behind UConn (+400), Houston (+600), Purdue (+650) and Arizona (+1100).
+300 to get to the Final 4, +120 to get to the Elite 8.
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North Carolina State opens the 2023-24 season at +2500, tied with Creighton University and Michigan State for the 11th-best odds in college basketball to win the national championship.
The Tar Heels will play the winner of Tuesday's Howard-Wagner game in the Round of 64 on Thursday.
If they win that game, they will face either Michigan State or Mississippi State in the Round of 32.
