March Madness Odds 2026: Iowa Upsets Florida, Michigan & Arizona Share Top Spot
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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.
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 oddsboard, 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
TeamNext OpponentMichigan+300No. 4 Alabama
Arizona+325No. 9 Utah State
Duke+400No. 5 St. John's
Houston+700No. 3 Illinois
Purdue+1400No. 11 Texas
Illinois+1400No. 2 Houston
Iowa State+1650No. 6 Tennessee
UConn+2500No. 3 Michigan State
Michigan State+3000No. 2 UConn
St. John's+4000No. 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 +325.
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 14/1, while Illinois, which faces Houston in the next round, went from 16/1 to +1400.
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Past March Madness winners
(Opening odds courtesy Sports Odds History)
YearChampionOpening oddsRunner-Up2025 Florida+8000 Houston2024 Connecticut+1100 Purdue2023 Connecticut+1600 San Diego State2022 Kansas+2000 North Carolina2021 Baylor+800 Gonzaga2020No tournament (COVID-19)N/AN/A2019 Virginia+1800 Texas Tech2018 Villanova+1200 Michigan2017 North Carolina+2400 Gonzaga2016 Villanova+2000 North Carolina2015 Duke+1000 WisconsinThis article originally appeared on Covers.com, read the full article here and view our best betting sites or check out our top sportsbook promos.