March Madness Parlay Betting: Best Strategies and Tips

Apr 3, 2023 • PickBoss

There are several different ways to bet on the NCAA Tournament, and creating a March Madness parlay will be a potential option. Some bettors tend to be scared of putting together a parlay, but it's a great bet to make if you are willing to take a little risk.

NCAA Tournament parlay bets can help you win big, especially if you can mix in an underdog pick. This can also be a bet that, when done wrong, will only lead to some losses and disappointing results.

March Madness Parlay Betting

Some tips or strategies can be used when creating March Madness parlays that will ultimately lead to better results. You will still have to do some research to put together the right picks, but following some simple tips or strategies can put you on the right path to success.

What is a Parlay?

Before you even look at putting together a March Madness parlay, it is a good idea to figure out what this type of bet means. A parlay wager will be available for all sporting events and at all sportsbooks, you might be looking to use.

A parlay is simply a combination wager, and you completely control how you want to put that parlay together. If you are making March Madness parlay picks, you will be adding several different individual bets into one large wager.

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The reason for creating a parlay is that you can win big with just one wager. A reason for not wanting to create a parlay is that all of those individual bets have to hit for the parlay to be successful, and that can be hard when it comes to March Madness.

It is worth your time to create a parlay bet at some point during March Madness, and you can give yourself a chance to be successful if you are smart about it. You have to deploy a strategy, pick your games correctly, and not get to crazy by adding too many legs to the parlay.

March Madness Parlay Betting Tips

Many people tend to focus on making a Final Four parlay, but you can make this type of bet at any point during the NCAA Tournament. Since people have been betting on March Madness for decades, some bettors have been willing to share tips that have allowed them to be successful.

You should also come up with your parlay betting tips, but following along with the tips below will put you on the right path. As long as you have some sort of a plan for creating a parlay, you are at least allowing yourself a chance at nailing a parlay.

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Look For Parlay Insurance

Before you start to build your March Madness parlay picks, you should be looking for something from online sportsbooks. Since the NCAA Tournament is one of the world's most important sporting events, sportsbooks will have plenty of bonuses and promotions available.

One specific promotion that tends to pop up often is what is known as parlay insurance, or basically a chance to create a parlay without any risk. It's common to see a 100% risk-free parlay bet, and it's usually up to $10 or $25.

If you are able to find an offer that looks like this, then that would be the perfect time to put together a parlay and then give yourself a chance at a big win. Even if you are going to get only a small portion of your initial stake back, that is a bonus to take advantage of.

Just like you want to shop around and look for the best odds at sportsbooks, you also want to shop around and find the best parlay insurance promotions.

Limit the Number of Legs

If you want to create a Final Four parlay, then you will be relatively limited in the number of legs you can include in your parlay. That might actually be a good thing, as it can take away the risk of creating a parlay that is simply too large.

There is always the temptation to try and create the biggest March Madness parlays imaginable because the potential payout on a win will continue to go up. That's absolutely the wrong way to go about this strategy, as you are putting too much risk on one single wager.

The best rule of thumb is to keep your March Madness parlay between three and five legs. Having that amount of wagers in your parlay is still giving yourself a chance at a big win, but it's also keeping the risk level to something that is a bit more manageable.

You will also have the chance to create many different parlays when it comes to March Madness, and it's best to hit on a bunch of smaller ones than to create a big one and lose it all right away.

Use Different Betting Types

In order to create a winning March Madness parlay, you will have to be extremely smart about the legs that you include. Betting the spread or point total are two common bets to make when it comes to March Madness, but those aren't the only options out there.

There will be a long list of betting options available regarding the NCAA Tournament, and it's in your best interest to explore as many different options as possible. The reason for trying to include different betting types is the fact that each bet will have different odds listed.

Since you are trying to get the biggest win possible, then you will want to find the most valuable odds to include as a part of your parlay. Sometimes betting the moneyline will give you the best odds available, or you can even look to include some prop betting options.

Don't limit yourself because you want to have a huge pool of potential betting options when it comes to creating a parlay.

Don't Forget About Live Betting

When it comes to March Madness parlay betting, most people tend to focus on the pregame odds or bets that are out there. It's perfectly acceptable to make all your bets before the games begin, but you are also missing out on a great chance to beat the odds.

Live or in-play betting has become extremely popular over the last few years, especially with the emergence of mobile sportsbook apps. You can now make a bet on your mobile device during a March Madness game, and creating a parlay is going to be an option that is available to you.

One nice thing about a live betting parlay is that it's going to give you a chance to see how a game is being played before making a wager. With up to four NCAA Tournament games going on at one time, you can combine a bet from all of those matchups for a chance to hit on a nice parlay.

Hedge Your Parlays

Hopefully, you are tracking your March Madness parlay, and it looks like it is going to hit, but that's not always going to be the case.

There will be times when you can tell that a parlay will lose, and that's the perfect time to make a hedge bet.

This type of bet is made to hedge the parlay bet that is made and still find a way to get something back in return. You don't want to create a parlay just to hedge it with a bet right away, but you need to be aware and be ready to take action if you feel it is necessary. This is where following the action in real-time will benefit you greatly and lead to more betting success.

Mix in Some Same Game Parlays

Another option when it comes to making NCAA Tournament parlay bets is to focus on just one game for the entire parlay. This is called a same-game parlay, and most online sportsbooks are going to have this option available to you.

If you are going to make a same-game parlay, then you are going to want to include some individual player props into this wager.

Making a parlay from just one game should save time when researching, as you only have to focus on that one matchup.

March Madness Parlay Betting FAQ

How do I pick a good parlay bet during March Madness?

One of the best ways to pick a good parlay bet during March Madness is to place a live wager while watching the game. Using your prior knowledge of the teams and your reaction to in-game trends can tilt the odds in your favor.

What is parlay insurance?

Parlay insurance is a way to protect your bet in case one of the legs comes up short.

Choosing to use parlay insurance can recapture some or all of your original bet depending on the amount wagered and how many legs are involved.

Be sure to check the conditions on the insurance before placing your parlay!

What is a same-game parlay?

A same-game parlay is a combination of wagers from the same game.

Many parlays involve outcomes from multiple games, but by focusing on the same game, you can hyper-focus your research and come up with a big payday.

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