What is March Madness? Guide for Betting, Tournament Bids, and More

It’s one of the craziest times of the year. College basketball teams from across the country compete in a single-elimination tournament to determine a champion. It’s full of upsets, drama, and pure chaos. That’s why it’s called March Madness. Not familiar? Are you asking yourself, what is March Madness? Here’s a guide to the NCAA Tournament including betting, how tournament bids work, and more.

Best Sportsbook Offers for March Madness

The top sportsbooks in legal states are usually running promotions for March Madness where new users score a bonus for registering. Check out the offers from DraftKings, FanDuel, BetMGM, and more as you get ready to wager on one of the most exciting events of the year.

North Carolina Sportsbooks

The state of North Carolina launched sports betting on March 11, 2024. If you are located in NC, check out the best sportsbooks!

Popular March Madness Bet Types

When it comes to betting on the tournament, there are several popular bet types you will see. Check out these bet types and what they mean.

Spread

A spread bet is a wager on the margin of victory in a game. Sportsbooks will set a total number of points for a team to be favored by. For example, UNC might be a -8.5 favorite in the first round. That means they have to win by 9 points or more to cover the spread. On the other side, their opponent will be a +8.5 underdog. They have to lose by 8 points or less to cover the spread.

The odds for a spread bet are usually around -110 on both sides. A $110 bet pays out $100.

Total

A total is also called an over/under. You are wagering on the total points scored by both teams combined in the game. For example, you might see a total of over/under 144.5. If you bet the over, you need 145 total points scored in the game or more to win. If the game ends 88-80, you would win because that’s 168 total points.

The odds for a total are usually around -110 on both sides just like spread bets. A $110 bet would win $100.

Moneyline

A moneyline bet is when you wager on the straight-up winner of a game. You are betting on which team will win regardless of the score. Favorites are listed with negative odds and you need to bet more to get a decent payout. Underdogs are listed with positive odds.

For example, Duke might be a -550 moneyline favorite in the first round. You would need to bet $550 on Duke to win $100. Let’s say their opponent is a +455 underdog. This means a $100 bet wins $455 on the underdog.

Prop

A prop bet is a wager on a specific outcome within a game. For March Madness you might see player props, game props, and team props. For example, a player might have a total points prop. RJ Davis from UNC might have an over/under of 15.5 points. If you bet the over, he needs to score 16 points or more.

There are all sorts of props from team total points to player assists. Not all states with legal betting allow college prop bets so be sure to check the rules in your state when it comes to sports betting.

Parlay

A parlay is when you combine multiple wagers into one bet. You will see a boost in the odds so you can win more but you need to get every bet right to win. If any bet loses, you lose. With each wager you add to a parlay, your probability of winning goes down. Here’s an example of a parlay with picking three college basketball moneylines (team to win).

Wagner +140
Colorado State -142
Colorado -148

If you combine these three moneylines into one parlay, you get new odds of +585. That means a $100 bet wins $585 if all three teams are victorious.

March Madness Betting Tips

It’s easy to get caught up in the emotion and wager on tons of different games. This is a horrible strategy and will result in you losing money. Take a look at a few important tips for betting March Madness.

Bankroll Management: Set a specific amount that you plan to wager with along with how much you want to bet on each game. Don’t just start throwing money into sportsbooks without keeping track of how much you plan to bet.
Do Your Research: Too many people jump right into March Madness and start betting with their gut or on any game that’s on. To be a successful bettor, you need to do your research and make smart picks. No one wins by randomly betting on any March Madness game they see.
Stay Away From Huge Favorites to Win: Betting on a heavy moneyline favorite is not a good idea. Sure, they are extremely likely to win but in a tournament that is always full of upsets, they can easily lose. Don’t drop $1,000 on a top seed to win just for a couple of hundred dollars of winnings. Find the best value you can for each bet.

The NCAA Basketball Tournament

The men’s and women’s Division I basketball tournaments consist of 68 teams. The teams are placed in a bracket with seeds numbered 1 to 16. A number 1 seed plays a 16 seed in the first round, a 2 plays a 15, and so on.

The men’s tournament expanded from 64 teams to 68 in 2011. It now includes a First Four round. Four teams duke it out in play-in games to advance to the first round of the tournament. The women’s NCAA Division I basketball tournament moved to 68 teams in 2022.

The NCAA Division I tournaments begin in the middle of March and run until the first few days of April. The March Madness Tournament is one of the most-watched sporting events of the year. The men’s tournament attracts the most buzz each year.

An NCAA selection committee made up of conference commissioners and athletic directors decides which teams make the NCAA tournament and have a shot to compete for a national championship.

Automatic Bids: Teams Win Their Conference Tournament

Who gets to participate in March Madness? Teams earn bids to the tournament in two ways. First, can earn an automatic bid for winning your conference tournament. The week before the Division I college basketball tournament begins, teams across the country compete in conference tournaments. The winner gets an invite to the big dance regardless of their record.

At-Large Bids: Based on Team’s Season Resume

The second way you can get a shot to compete for an NCAA national championship is by earning an at-large bid. This is based on a team’s resume throughout the season. The basketball committee looks at factors that include record, the strength of schedule, and more.

Teams from major conferences usually can get an invite to the tournament without winning their conference. It’s common to see the best basketball programs in the country make the tournament as an at-large bid after having a solid season. These conferences include the Big Ten, SEC, ACC, Big East, Pac 12, and more.

NCAA Tournament March Madness Bracket

Four regions make up the tournament bracket. Teams receive a seed numbered 1 through 16. Basketball fans across the country fill out a bracket in pools, contests, and more for prizes. Some are in search of a perfect bracket. There are zero perfect brackets in history. Too many combinations to pick. Also, the chaos of the NCAA Division I Men’s Basketball Tournament leads to upsets.

Top websites such as ESPN, Yahoo, CBS, and more have bracket challenges where you can compete against friends and even celebrities to win prizes.

March Madness Games and Schedule

The tournament starts with the First Four games. These take place on the Tuesday or Wednesday after the Sunday Selection Show. The First and Second rounds take place at the end of the week from Thursday to Sunday. For the 2024 NCAA Men’s Division I Basketball Tournament, the schedule is as follows:

First Four: March 19-20
First round: March 21-22
Second round: March 23-24
Sweet 16: March 28-29
Elite Eight: March 30-31
Final Four: April 6
NCAA Title Game: April 8

To win a national championship in the current tournament format, a team has to win six games in a row. If a team plays in the First Four, they would have to win seven games. No team has won the NCAA Men’s Basketball Championship after starting in the First Four.

The Final Four

The Final Four is usually at the beginning of April and celebrates the magical run of four teams during the tournament. It’s a major accomplishment to reach the Final Four and highly regarded. A team has to win four games to reach the Final Four.

The 2024 Final Four takes place at State Farm Stadium in Glendale, Arizona on Saturday, April 6. The National Championship game follows on Monday, April 8, 2024.

The College Basketball Championship Game

The men’s basketball national championship game is usually in early April. Two teams that survived the tournament field battle for the title. The 2024 men’s championship game takes place on April 8 in Glendale, Arizona at State Farm Stadium. The women’s title game is at Rocket Mortgage FieldHouse in Cleveland, Ohio on April 7.

Most National Championships

In 2023, Connecticut won the national title with a victory over San Diego State. It was their fifth in school history. Who has the most titles in history? Here’s a look at the men’s list:

UCLA: 11
Kentucky: 8
North Carolina: 6
Duke: 5
Indiana: 5
UConn: 5
Kansas: 4

For the women, LSU beat Iowa for its first national title in school history. Here’s a look at the women’s programs with the most titles:

UConn: 11
Tennessee: 8
Baylor: 3
Stanford: 3

Where did the term March Madness come from?

The phrase ‘March Madness’ was originally coined by Henry V. Porter, an Illinois high school official in 1939 to describe basketball. It wasn’t until Brent Musberger used the term during coverage of the 1982 NCAA tournament that it became synonymous with the event.

When does March Madness begin?

March Madness begins each year in the middle of March. For the 2024 season, it will begin on March 19 with the First Four. Selection Sunday is on March 17.