Betting Guide: How To Bet On March Madness (2023)

If you are looking to do some March Madness betting in 2023, then you are going to need to develop a plan before making any bets. That is where we come in, as we have created a March Madness betting guide to help you out.

With 67 games happening in just three weeks, this college basketball tournament can feel overwhelming, especially for new bettors. However, if you have a strategy in place, then betting on March Madness will be much more fun and profitable.

March Madness Betting Guide

There is a reason that March Madness betting is so popular, and there is a good chance to win some money if done correctly. Follow the information in this guide closely, and you are going to find more success when betting on March Madness.

One of the things that experienced bettors know well, is the importance of choosing a good betting site. Whether these are sportsbooks with the best odds or those with the most betting options, it can be difficult to make the right choice.

We made it simple for you and chose a few of the best sportsbooks for March Madness betting. These betting platforms also have great bonus offers that you should make sure to capitalize on.

How Does March Madness Betting Work?

You need to know how March Madness betting works before trying to place a bet on March Madness. There are 68 teams in the NCAA Tournament field every single year, and that is going to give you 67 games in which to wager.

Teams are given seeds before the tournament begins and then placed into the bracket in four different regions. The regional winners will then meet up in the Final Four for a chance to win the national championship.

Knowing how to bet on March Madness games is more manageable after you see how the overall tournament is set up.

How to Read March Madness Odds

March Madness betting has gotten more intense over the last few years as there are now more betting options to look at. There will still be the same basic bets to make, but there are unique wagering opportunities out there now that you can check out.

Here is a look at some of the most common March Madness betting options that you are going to find from the top sportsbooks.

Moneyline

A moneyline wager is going to be a popular bet on March Madness, even if this isn’t always one that is popular during the regular season. You typically aren’t going to want to bet the moneyline because of the small potential win, but things really tighten up in the NCAA Tournament.

If you are going to bet the moneyline, then all you are trying to do is pick the winning team. Underdogs will come with a much bigger potential win than betting the favorites, but you can still get an excellent return on some games.

It’s not easy picking a winning team in March, as every team is playing with a different energy or excitement level.

Spread

Betting against the spread is a common bet for a number of sports, and that includes college basketball. You can consider this bet a step up from moneyline betting, as it’s really a two-step process before you are able to cash in.

You can actually bet on the winning or losing team when it comes to betting against the spread, as either team has a chance to cover. The spread is the difference in the final score at the conclusion of every single game.

If the spread is set at 6.5 points, then the winning team is going to have to win that game by seven points to cover. The losing team can still win you the bet, but they are going to have to lose by six points or less.

Over/Under

Betting the over/under is another great way to bet on March Madness, and some people are going to call this betting the total. If you are making this wager, then the only option that you have is to pick the over or the under.

If you are going to bet the over/under, then you don’t have to worry about which team will win that game at all. This bet is all about the total number of combined points at the end of the game.

The odds for this type of bet are typically set at -110 for each side of the wager, which means you will have the same potential win regardless of what bet you make.

Basketball

March Madness Contenders

Other Popular March Madness Betting Options

Props

This March Madness betting guide is also going to of the new and unique wagering options that are out there. Betting on props is one of those new options, and you will see prop betting options for every single game that is taking place.

Both player and team props will be offered, and you will find some unique bets to make if this is the route you are choosing. This type of bet typically focuses on stats for the players or the teams, and some of these bets will actually be decided well before the final buzzer sounds.

Parlays

If you are someone that is always searching for a huge win, then you are going to want to check out parlay betting. This type of betting is extremely popular because of the big win potential, but you also have to guard against getting reckless when putting a parlay together.

A parlay wager is a combination bet, and you can combine as many different legs or bets into one wager as you want. The potential win is going to increase with the more legs that you add, but you are also making it a much more risky wager.

If you are going to make a parlay, then you can combine many different betting types into one wager or even create a parlay based on just one game.

Futures

You can also look at how to bet on March Madness during the regular season by making a futures bet. This type of bet will also remain open throughout the NCAA Tournament, but you will find better odds if you make this bet during the regular season.

The most popular futures bet to make is picking the eventual national champion, and that’s not something that is easy to do. You could also make a futures bet on each specific region or try to pick individual player awards that will be handed out.

If you are struggling to make winning picks on each individual game, then you will want to give futures betting a shot.

Live Betting

Live betting has really started to catch on over the last few years, and it’s a great way to bet on the NCAA Tournament. You are going to find live betting options for every single game that is played, but this is a bet that is made in real-time.

Most of the betting options listed above are going to be available with live betting as well, but the odds are going to be coming and going much quicker. You won’t have much time to think about the bet that you want to make, but you can also get some great value in the odds if you are paying close attention.

March Madness Betting Tips

Knowing how to bet on March Madness is one part of the equation, but there are also some March Madness betting tips or tricks that will help you be more successful. March Madness betting has been around for decades, and people have been sharing some of the best tips that will help you cash in.

Do Some Research

The only way to be successful when betting on the NCAA Tournament is to do some extensive research. There are going to be plenty of “experts” that try and predict how the tournament will go, but it’s really up to you if you want to win big.

Be sure to study and analyze each matchup that you are planning to bet, and don’t even look at the seeds when handicapping a game.

Start Small

There can be a temptation to try and bet on every single game during the NCAA Tournament, but you need to fight back. There are going to be some games that don’t offer a great betting option, and you have to skip out on those games.

Vary Betting Types

You can certainly have a favorite betting type to use on the NCAA Tournament, but that can’t be the only one that you use. Each game is going to represent a new opportunity, and it’s best to change up your betting types if you are going to be successful.

Limit Your Parlays

Creating a parlay can be a great way to win big in the NCAA Tournament, but you have to be smart about it. Don’t try and create a massive parlay, as there are going to be some upsets. Remember that all of your legs in the parlay must hit, or the entire bet is lost.

Avoid Going All Chalk

The NCAA Tournament is called March Madness for a reason, and this is an event that usually sees some pretty dramatic upsets. You are going to have to take some risks when it comes to the NCAA Tournament, as some top teams are going to fall early in the tournament.

It’s perfectly fine to take the best teams as the field gets smaller, but be ready to pick some upsets in the first two rounds. Nailing just one or two upset picks can boost your bankroll for the rest of the tournament.

When Does March Madness Start?

The exact date of March Madness varies from year to year. In 2023, the first games will start on March 14. The “First Four” games will be played March 14-15, with the “First Round” starting on March 16.

Teams will be announced during “Selection Sunday” on March 12.

March Madness Betting FAQ

When does March Madness 2023 start?

March Madness 2023 starts with Selection Sunday on March 12. The first games will be played on March 14.

How can I get better at filling out March Madness brackets?

The more research you do, the more likely you are to fill out a winning March Madness bracket. Study the matchups, identify team strengths and weaknesses, and adjust your betting strategy accordingly. Perhaps most importantly, don’t be afraid to pick an upset?

Who is the lowest-seeded team to win March Madness?

The lowest-seeded team to win March Madness was the 1985 Villanova Wildcats, who had a #8 seed in their region. The UConn Huskies are the only team since 2000 to have a seed lower than third to win March Madness, taking home the 2014 title as a #7 seed.

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