How to Bet on March Madness 2023
It’s time for one of the best times of the year. It’s March Madness and 68 teams will battle to win the tournament and call themselves NCAA Champions. You’ve joined your March Madness bracket pool but are looking for more ways to start betting on March Madness. Here’s what you need to know about how to bet on March Madness this year.
Best Sportsbooks to Bet on March Madness
There are plenty of online sports betting options for college basketball fans looking to wager on March Madness. Sports betting is legal in several states but not all. Check to see if sports betting is legal and live in your state. You have to be within the borders of a legal betting state to be able to place wagers on the NCAA Basketball Tournament.
Also, some states have restrictions on wagering on college sports. Check to see if these restrictions extend to tournament games. For example, some states do not allow betting on in-state schools while others do not allow sportsbooks to have college basketball props.
Here’s a look at some of the best March Madness betting sites if you want to bet while you are following your 2023 NCAA March Madness bracket.
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DraftKings Sportsbook is one of the most popular brands in the sports betting industry. The sportsbook has solid odds, a rewards program where you can earn bonus bets, and a user-friendly interface. They have had promotions for major events that include bonus bets. Also, the sportsbook has run a 20% deposit match.
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FanDuel Sportsbook put the same-game parlay on the map and has some of the best live betting in the industry. The sportsbook has grown quickly from a DFS site to a top option in sports betting. It will be a popular choice for March Madness as users can usually get their hands on a No Sweat First Bet.
BetMGM is a strong sportsbook in the market that includes Edit My Bet, live betting, early cashouts, and the same-game parlay. It’s a solid option for college basketball bettors as it has had offers of bonus bets as well as a first bet offer that gives bet credits up to a maximum if your first bet loses.
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PointsBet is making a name for itself with unique betting options such as Points Betting and Name A Bet. The app has live betting, same-game parlays, live streaming, and early cashouts for users looking for March Madness bets. Also, you can most likely get a Second Chance Bet if you are a new user.
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Barstool Sportsbook has grown quickly thanks to social media influencers and being bought by Penn National Gaming. It has the MyChoice Loyalty Program and great features such as live betting and early cashouts. The sportsbook has dished out first bet insurance to users in the past.
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You can earn rewards and bonus bets in the iRush rewards system with BetRivers. The sportsbook has solid features such as live streaming, early cashouts, live betting, and the same-game parlay. BetRivers has had promotions that have included 2nd Chance Bets for new users.
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Caesars Sportsbook has one of the best VIP reward programs in the game. You move up tiers and get rewarded for each bet that you place. It’s a solid option for NCAA bettors with its early cashouts, live streaming, and same-game parlays. Also, they have been known to give out a bet on the house. Your first bet is covered if you lose.
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Betfred is making its way onto the scene in the United States with bonus bets for new users. The platform has live betting and early cashouts. It’s trying to make its way in a crowded market of sportsbooks.
Popular March Madness Bet Types
If you are unfamiliar with how March Madness betting works, you’ll need a rundown of some of the most popular bet types you will see. Here’s a quick guide to betting on March Madness in terms of bet types.
A moneyline bet is the most straightforward type of bet you can place on a college basketball game. With a moneyline bet, you simply bet on which team you think will win the game. The odds for a moneyline bet are expressed in terms of a negative or positive number. A negative number indicates that the team is the favorite, while a positive number indicates that the team is the underdog.
For example, let’s say that Duke is playing North Carolina in a March Madness game. Duke is the favorite to win the game with moneyline odds of -150. On the other side, North Carolina is the underdog with odds to win of +130. This means that you would need to bet $150 on Duke to win $100. A $100 bet on North Carolina would win you $130.
A point spread bet is a type of bet in which you are wagering on the margin of victory. A sportsbook will set a spread for the game, which is the number of points by which the favorite is expected to win. You can either bet on the favorite to win by more than the spread or the underdog to keep the game closer or win.
For example, let’s say the point spread for the Duke-Michigan State game in the NCAA Tournament is set at Duke -7.5. This means that Duke needs to win by eight points or more to cover the spread. If you bet on Michigan State, the Spartans would have to lose by seven points or less. You would also win the bet if the Spartans won the game.
A total bet is also called an over/under. In college basketball betting, you are placing a wager on the combined points of both teams. A sportsbook will set a total line.
For example, Kansas is playing North Carolina in the 2023 NCAA Tournament and the total is 141.5. If you bet on the over, you are wagering that the game will have 142 or more points scored. If Kansas wins 80-75, you would win the bet. There were 155 points scored in the game.
Futures bets are wagers that are placed on events or outcomes down the road. For example, you can check the odds in November and bet on a team to win March Madness.
The betting odds change throughout the year based on how teams are playing, injuries, and more. There are plenty of college basketball futures including teams to make the Final Four or National Championship game.
For some, this is a way to bet on March Madness early on where you can get some good odds. For example, Kansas might be +600 to win it all at the start of the season. At the end of the year, let’s say they win their conference tournament. Now, their futures odds have increased to +250 to win the NCAA Tournament. An early March Madness futures bet secured better odds.
A prop bet is a wager that is on events or outcomes within a game that aren’t necessarily tied to the end result. For example, there are prop bets on the total number of points a player will score in an individual game. You will see a total such as 13.5 points for a player. If you bet the over, you believe that the player will score 14 points or more in the game.
Sportsbooks will have a long list of March Madness props that include team, game, and player props. These could be the first team to score a basket, the first team to 15 points, or the total number of rebounds for a player. Props have grown in recent years and are fun wagers for sports bettors.
A parlay is when you combine multiple outcomes into a single wager. For example, you can select Michigan State, Texas, and Duke to win in the first round. If any of the teams happen to lose, you lose the entire bet. Parlays are popular because they can boost their odds. Be careful because with each leg you add it will decrease the probability of winning.
Understanding March Madness Odds
If you are new to sports betting, you’ll need to understand American odds. They are placed on each team and represent the likelihood of the bet winning. For example, you will see that moneyline odds for the game will be positive on one side and negative on the other. Negative odds represent the favorite. You will have to be more to win. The positive odds are for the underdog.
Let’s say that you check the odds at the start of March Madness. You see that Kentucky is playing Saint Peter’s. Kentucky has moneyline odds of -650. That means you would have to bet $650 on Kentucky to win $100 if they are victorious. The odds for Saint Peter’s are +550. A $100 bet on the Peacocks would win $550.
For spread and total bets, the odds are usually around -110 on both sides. These bets make up a large portion of the popularity of March Madness betting. With -110 odds, you would have to bet $110 to win $100.
2023 March Madness Betting Tips
What about a March Madness betting strategy? What teams should you pick or what bets should you place? You want to bet on the NCAA Tournament but have no idea where to start. Here are some NCAA Tournament betting tips.
Take the time to look at factors such as team experience, the strength of schedule, cinderella teams, and more. A common mistake when betting on March Madness is quickly betting on the top team names you recognize. Take the time in the few days leading up to the tournament to develop a strategy.
Less is More
There are a lot of games in March Madness. This means a lot of betting action. You don’t have to bet on every game. This is another huge March Madness betting mistake. Bettors see a lot of games and place way too many wagers to keep track of. Bet less and smarter. Follow your strategy and bet on less NCAA Tournament games.
Understand how much you have in your bankroll and what you are willing to bet on each round of the NCAA Tournament. Don’t be throwing random wagers on odds and lines without a plan. This is a surefire way of losing all of your money quickly. How much money you bet is just as important as who you are betting on.
Check for Live Betting Chances
March Madness is one of the best betting times of the year for live betting. There are so many options and you can find value with some of the odds and lines. Once the games start, track the best odds and lines at multiple sportsbooks to see if you can get an advantage. This is one of the best benefits of mobile sports betting. You can access multiple books and live odds easily.
Wrap-Up: March Madness Betting Guide
Remember to check out the best March Madness sports betting sites for odds and lines on all the games. Do the research and take your time to develop a strategy so you are ready to bet. There will be a full list of bets such as moneylines, totals, spreads, and more available.
Don’t forget to check for the latest sportsbook promo codes as you enter the NCAA Tournament. There might be bonus bets or second-chance bets to help you boost your account for the few weeks of chaos. Promotions and offers can expand your March Madness betting options.
How to Bet on NCAA March Madness FAQs
The Division I Men’s Basketball Tournament starts with the First Four games on March 14, 2023. The First Round begins on Thursday, March 16.
A lot of sportsbooks will have promotions or offers around March Madness. These usually include second-chance bets, bonus bets, or deposit matches. Check the latest offers at the top sportsbooks for more information.
The Final Four will take place at NRG Stadium in Houston, Texas on April 1, 2023. The National Championship Game will follow to conclude the NCAA Division I Men’s Basketball Tournament on April 3.
68 college basketball teams make the NCAA Tournament. A selection committee gives out 32 automatic bids to teams that win their conference tournaments. 38 teams receive at-large bids based on strength of schedule, record, and more.
Most of the best sportsbooks will offer props such as player points, first basket, first to 15 points, and more. Some online betting sites will not have NCAA props. Also, some states have restrictions on prop bets. You’ll have to check with your sportsbook if you want to be on March Madness props.
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