Make the Most of March Madness Bets
It’s almost NCAA basketball fans’ favorite time of year. Leagues are being decided, the Selection Sunday is nearly here, and bettors are busy preparing for March Madness. If you’re not familiar, March Madness is the 68 team knockout tournament that settles the most successful college team in the NCAA.
For college basketball fans, this is exciting enough. This is a huge opportunity to take advantage of all the games for those who enjoy wagering. If you’re new to March Madness or betting on college basketball, we’re here to help. Our experts have put together this handy guide to make sure you know exactly how to make the most out of your betting bankroll when the bracket is drawn.
How does March Madness Work?
The Division I college basketball season is decided by a knockout tournament called March Madness which spans March and early April. Don’t think only the team that wins the March Madness tournament is regarded highly. It is seen as a massive achievement to be among the 68 teams to qualify for the knockout stage.
Your performance during the NCAA basketball season determines whether you qualify or not. The winners of the various conferences make up the first 32 teams that are put into the bracket. The other 36 slots are determined by a selection committee based on performances throughout the season. This is to try and make sure that only the best teams get into the competition. This is why Selection Sunday is such a big deal. There are even betting markets just to predict which teams will reach the March Madness knockout tournament.
The tournament splits the teams into four regions of at least 16 teams. The selection committee will give each team in each region a seeding. Say there are 16 teams in the North division. Each team will be ranked from best (No. 1 seed) to worst (No. 16 seed). The best seed plays the worst seed. This is to reward your performance in the regular season with an easier route to the final.
Each region plays this out until there is one regional champion in each. These teams play until there are only two teams left. The winner of this game is deemed the victor of March Madness.
Moneyline Betting on March Madness
Moneyline betting simply refers to betting on which team you think will win a game. This is a great place for new bettors to start wagering on March Madness.
How much your moneyline bets make will depend on the amount of money that you wager against the odds offered. Moneyline odds will be presented as a three-digit combined with either a plus (+) or minus (-) sign. This will tell you how much your stake can payout.
A negative number accompanies the favorite in a game of basketball. This could look something like -250. What does that mean? With a minus (-), the moneyline odds tell you how much you need to bet to win $100. So you need to wager $250 to get a return of $100 profit.
A positive number means you’re betting on the underdog. In this case, the number next to the plus (+) tells you how much you can win from wagering $100. So if the odds are +250, you can win $250 profit from a stake of $100.
Betting on the underdog means you have to risk less money for a payout, but the underdog is less favored for a reason. The underdog winning is far less likely to happen. That is where you have to evaluate with your own wagering.
So when you see the March Madness bracket, you might not want to jump straight on the heavy favorites. Particularly in the early rounds, there is very little profit to be found here. The games that are more even may provide better wagering opportunities for you.
Legal March Madness Betting
Now you know what it takes to wager on March Madness, it’s time to sign up with a sportsbook and start betting. You can do this legally in many states in the US since the striking down of the PASPA in 2018. States have been able to legalize and regulate online sports betting since then.
To wager legally, you must be within the borders of one of these states and the legal gambling age. Also, check to see if that state allows betting on college sports. If you’re okay on all those fronts, then you’re ready! Download a sportsbooks app, and enjoy the madness of betting on NCAA basketball.
