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Colorado Buffaloes draw big bets despite tough Big 12 move

Bettors have strong opinions on the Buffaloes’ win total in 2024

Colorado Buffaloes head coach Deion Sanders speaks to the media during the Big 12 Media Days at Allegiant Stadium.
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After bringing in head coach Deion Sanders and then upsetting then-No. 17 TCU 45-42 as 20.5-point underdogs to start the season, there was plenty of hype surrounding the Colorado Buffaloes’ 2023-24 college football campaign. They were the darling for the betting public, as bettors cashed some big tickets early on them in the season…before giving some of it back when Colorado lost seven of its final eight games to finish the season.

According to bookmakers this offseason, there is still plenty of public support for the Buffs, but it has paled in comparison to what happened at the start of last season.

“They’re rank outsiders, there is no other team that has the media attention like them in the same odds range,” bet365 trading leader Aron Wattleworth said. “There is action on them, but nothing like last year when everyone was jumping on them. I’m [still] amazed at the hype around them.” 

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The Buffs are moving to the Big 12 this year, which means increased competition in a wide-open conference. But that hasn’t stopped bettors from loading up on Colorado (+2500 to win the Big 12), as more bets and total dollars have been wagered on the Buffs to win the Big 12 than any other team in the conference. That includes a $10,000 wager on Colorado odds from one BetMGM sportsbook bettor that would win $250,000 if Sanders’ team can pull off the shocker and win the conference.

The support hasn’t stopped there, though, as Colorado’s game on Thursday against North Dakota State (Colorado -9.5) is the most-bet game at BetMGM. The Buffs have taken the most wagers to cover among all college football games this weekend. At DraftKings Sportsbook, it’s a similar story as 70% of the wagers and 71% of the money wagered so far is on Colorado to cover on Thursday night.

Colorado’s win total of 5.5 is also the most-bet win total in terms of total tickets among all college teams at BetMGM.

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“Colorado is the No. 1 bet win total for us,” Seamus Magee, a trader at BetMGM, told us. “There have been some public fades coming in on the Under 5.5, but that win total has definitely garnered the most action.”

The Buffs represent the worst-case scenario for BetMGM to make the College Football Playoff (18-1) and to win the national championship (150-1), as the combination of smaller wagers adds up quickly with such long odds. Travis Hunter (50-1) and Shedeur Sanders (30-1) have also been popular Heisman Trophy bets for the public this offseason.

But will Colorado exceed the hype?

“I’d be on the Under 5.5 myself,” Wattleworth told me. “If you look at what they’re going into versus last year, they’re going to find themselves in a bit of a meat grinder this year in the Big 12.”