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$1,500 Texas Tech title bet could net $300K

The Texas Tech Red Raiders are playing in their first Final Four in school history, and one bettor in particular is hoping their magical run continues.

Back in November 2018, a bettor wagered $1,500 on the Red Raiders to win the national championship at 200-1 odds at the Westgate Las Vegas SuperBook. The ticket would win $300,000.

The same bettor also placed an $800 wager on Texas Tech at 125-1 odds at the William Hill Race and Sportsbook at The Plaza in downtown Vegas. That ticket would win $100,000. ESPN has confirmed that both tickets are legitimate.

The bettor looked to potentially hedge his bet and cash out through PropSwap, a secondary marketplace that allows sports bettors to buy and sell their futures tickets. On Saturday morning, he sold the $800 ticket at 125-1 for $20,250 on the website.

The larger ticket was posted with a price of $65,000, which would've been the largest cash out in the company's history (dating back to 2015). The high bid for a brief time on Friday afternoon was from wide receiver Dez Bryant at $50,000, and the highest confirmed bid came in at $57,500.

The seller chose to decline those bids and let the potential ticket on the Red Raiders worth $300,000 ride.

"I liked the long odds on Texas Tech and I had bets on them last year at 250-1," the bettor, who didn't want to be identified, told ESPN. "They fell short in the Elite Eight last year, but they returned a lot of the same guys and the same coach."

The SuperBook has set up its futures book well and isn't too concerned.

"Auburn was our only liability, and a small one at that," SuperBook vice president of risk Jeff Sherman told ESPN.

"We are going to end the Texas Tech $300K ticket auction for today," PropSwap said in a statement Saturday, "Our job is to get the highest possible price for our clients, and we achieved that ... As always, we root for underdogs, and will be cheering for the Red Raiders and Auburn's Tigers to pull off the upsets tonight. And maybe will have one more act in this story come tomorrow morning ..."

The same bettor also had a $1,500 bet on Michigan State to win it all at 40-1 odds. That wager would've earned $60,000.

Just how many futures tickets is he holding? Though he declined to provide a specific ticket count or dollar amount bet in the futures pool, the bettor told ESPN, "I do have more than these three tickets, let's just leave it at that."

Michigan State closed a consensus 2.5-point favorite over Texas Tech at U.S. sportsbooks. As of Friday afternoon, nearly 61 percent of the money on the spread and 95 percent of the money on the moneyline at William Hill U.S. sportsbooks was on Michigan State.

Texas Tech defeated Michigan State 61-51 on Saturday night to advance to the title game and opened as 1-point underdog against Virginia in the title game at the SuperBook.