(The Spread) – That sound you hear in the distance is the collective sound of bettors and March Madness fans everywhere banging their heads off the wall.

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Morehead State pulled off the first upset of the 2011 March Madness Tournament on Thursday, beating fourth-seeded Louisville, 62-61. Demonte Harper drained a 3-pointer with just 4.6 seconds left to propel the 13th-seeded Eagles into the second round of tournament.

Trailing by two points with only 30 seconds remaining, Morehead State gave Harper an open look at the top of the key. The senior guard then faked as if he was going to drive and instead raised up to drill the 3-pointer to secure the win. While more upsets are likely to come, the Eagles’ victory marked an early blow to both bettors and fans hoping to win their office pools.

According to latest public betting information, 77% of the 30,000-plus wagers placed on the Morehead State-Louisville game were placed on the Cardinals. Oddsmakers from online sports book Sportsbook.com had listed Louisville as a 9.5-point favorite, meaning the Eagles covered by 10.5 points in an outright win. The combined score also fell under the posted total of 132.5 points.

One would think that many college basketball fans had Louisville getting into the second round, if not the Sweet 16. Seventy-nine percent of No. 4 seeds advance to the second round of the tournament, while another 42% advance to the third. From there, 13% of four seeds advance to the fourth round and 9% make it into the semis.

Needless to say, Morehead State’s win over Louisville was truly what March Madness is all about: Shocking first round upsets and thrilling finishes.

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