March Madness Betting Guide
December has Christmas, January has New Year’s Day, February has Valentine’s Day, and March has March Madness. The time has almost come for the US’ favorite college sports tournament. The nation’s full attention falls on those teams that qualify for the tournament. Over the years, millions of Americans have taken part in local brackets on who will win March Madness.
Nowadays, many bettors in the US can get involved with legal online sports betting and make those predictions for money. If you want to start betting on March Madness but are a complete rookie, you’re in the right place. Our BestAppBet experts have put together this guide to wagering on March Madness, including reading odds and popular bets.
What is March Madness?
What rock have you been living under if you’re not familiar with March Madness? March Madness is the culmination of the NCAA basketball season that sees the 68 teams battle out in a knockout competition. That means there are no second chances. The 32 Division I champions are automatically put into the competition and a selection of the best teams in the US.
That means you’re looking at some of the best college basketball players battling it out pretty much every day for a month. If that doesn’t sound exciting, I don’t know what does! With so many games happening in such a small period, there are loads of NCAA betting opportunities you can find. That’s why so many US players love placing legal bets in March Madness!
How to Read American Odds
Most sportsbooks in the US use American odds to tell bettors what kind of value they can get from betting markets. Learning American odds is vital if you’ve never placed a bet before. These numbers will become your best friend over March Madness.
The best way to approach American odds is to imagine betting with $100, even if you plan to wager a different value. Two symbols are important to know, the (-) symbol and the (+) symbol. The (-) usually will be found next to the favorite, and the (+) next to the underdog. In close games, both teams might have the same symbol.
Next to these symbols will be some numbers, where the $100 comes into play. These numbers combine with the symbols to tell you how much you can make. The number next to the (-) symbol tells you how much you need to wager to make $100. Say the odds are -300. You need to place a $300 bet to make a $100 profit. Whereas with the (+) symbol, the numbers tell you how much you can make by betting $100. So +300 would be a $300 profit from a $100 stake.
Pretty much every betting market you will see for March Madness will use these odds, so it’s best to get to grips with them. Luckily, many top sportsbooks like DraftKings will calculate your payout from the stake you enter into the bet slip. Still, understanding American Odds will help you place smarter bets.
How to Bet on March Madness
Understanding odds is a big step towards placing bets on March Madness, but this is one of the most popular sports events in the US. That means there are loads of betting markets and types for you. That’s exciting! But it can also be overwhelming for a rookie bettor.
That’s why we’ve explained some of the most common betting types you will find. When you load up your sportsbook app, you should see plenty of markets like these and know exactly what kind of bet you are placing.
Moneyline wagers are the bread and butter of every bettor because they are so simple. That doesn’t mean they’re not fun! All you have to do with these bets is choose who you think will win a game. If the team you’ve picked wins the game, then you get your payout.
Early in March Madness, when the higher-seeded teams play teams that have struggled more throughout the season, there won’t be much value in betting on the favorite. However, as the tournament progresses, the quality of teams left will get higher. The games will be closer, harder to predict, and perfect for exciting moneyline wagers!
Points spread betting is like a moneyline, except the margin of victory/defeat is crucial. Instead of wagering on which team will win, the favorite has to win the game by a certain number of points. The underdog has to lose within a certain number of points or win. Sportsbooks do this to encourage betting on both teams, making games in the early rounds more exciting.
Basketball may be all about the players and many fans, but bettors can find fun in every basket scored. It doesn’t even matter which team is scoring! Most sportsbooks will set a total amount of points, and you’ve got to guess whether there will be more or fewer points scored in the game. That’s why this is sometimes called over/under betting. This type of betting can turn even the most boring games into thrilling contests.
You might think it’s a silly question, but all bets are in the future, right? That is totally true, but future bets are placed on events further in the future. These wagers are placed on markets like which team will win March Madness or who will come out with the MOP award.
The earlier you place these bets, the better the odds. That’s why so many bettors place these wagers right when the NCAA basketball season starts. You can still place them right up until the latter stages of the tournament, but the odds are going to drop hugely.
Anything can happen in a March Madness game, and props let you wager on pretty much anything. We’re talking from the coin toss winner to a player scoring a certain number of rebounds. Most bettors consider these side bets and just a bit of fun. Because of that, if you strike lucky, you can come away with a pretty awesome payout.
College Sports Betting in the US
Every state in the US has different laws regarding online sports betting. Since the US Supreme Court repealed the PASPA in 2018, many states have legalized online wagering. All you have to do is visit one of these states, and you can place legal sports bets.
However, there are even more laws regarding college sports betting. Many states have special laws for NCAA games to protect college athletes. For example, in Colorado, no prop betting is allowed. In New Jersey, you aren’t allowed to wager on teams from or playing in the Garden State. Even in these states, college sports betting is legal and fun! So keep the rules in mind, and download yourself a sportsbook app to get involved in March Madness betting!