The Ultimate Guide on how to bet on March Madness

March Madness is the culmination of the men’s college basketball season and one of the biggest sporting events in America. 68 teams start, with some qualifying by winning their conference tournaments and the others receiving at-large bids to compete.

This year March Madness concludes with the Final Four April 1 and national championship game April 3 at NRG Stadium in Houston, Texas. Coincidentally, one of the favorites this year is the University of Houston.

The Cougars have made the Final Four six times, but never won it all. They’ll have to battle West Coast powers UCLA and Arizona, plus Purdue, and defending champion Kansas to make history.

Our goal is to give you baseline-to-baseline coverage of everything involving March Madness betting.

We will give you a March Madness betting guide, tell you just where you can bet on March Madness, what all the different markets are, the best sportsbook bonuses and promotions, what the easy payment options are and what to look for before the champion cuts down the nets. Hopefully, you’ll be a big winner on your March Madness gambling adventure

We’ve given you the background and basics, now let’s look at the favorites of who will win March Madness.

Here’s everything you need to know about 2023 March Madness, including when it starts, where the tournament is being played, where it finishes and the team with the most titles: 

Tournament Dates: March 14 to April 3

Locations: First Four (Dayton, Ohio).

First & Second Rounds (Birmingham, Alabama; Sacramento, California; Denver; Orlando; Des Moines, Iowa; Columbus, Ohio; Greensboro, NC; Albany, NY

Sweet Sixteen (Las Vegas; Louisville, KY; Kansas City, MO; New York City)

Where Is The Final Four: Houston, NRG Stadium, April 1

Where is The Championship Game: Houston NRG Stadium, April 3

How does March Madness Betting Work

Each of our favorite sportsbooks (we’ll get to them) will start listing moneylines, point spreads and over/under totals as soon as the field and first-round pairings are revealed for each March Madness game. There will be 67 games (counting the First Four) that you can bet on March Madness.

The sportsbooks will also have future bets posted, where you can pick the winner of March Madness before and during the tournament. For the Final Four and NCAA Final, the sportsbooks will offer a deep well of prop bets on team and individual player performances.

Since it’s tournament play, there is only one day for teams to rest between the first and second round and in between the third round (called the Sweet 16) and fourth round (the Elite Eight). So the NCAA March Madness odds come out quick. You’ll want to be on your game before going on your March Madness betting journey!

March Madness Betting Odds

These are the type of markets that will be offered by most basketball betting sites. You may want to stick with one of the traditional ones if you’re just starting out, but if you’re a deep fan and know everything about one school or one player, feel free to dig into a prop bet.

Most Popular

The most popular March Madness betting sites feature the traditional bets, let’s break them down like teams break down a 2-3 zone defense.

The easiest to bet on March Madness is called the moneyline. This is a straight-up bet on what team you think will win the March Madness game. The March Madness betting sites will analyze the match-ups, the players, the coaches, the past history between the teams and come up with a favorite (the team expected to win) and the underdog (the team expected to lose).

They will then post odds on those teams winning. If you bet on the moneyline, it means you’re not giving any points via the point spread, you’re just picking what team you think will win. The favorite will have a lower payout than the underdog.

Another way to bet on March Madness is a March Madness point spread. The ‘spread’ is the number of points the sportsbooks feel the favorite will win by. This is done to encourage betting on both sides. The favorite will be listed with a minus (-) sign and then a number, like UCLA – 7 while the underdog will have a plus (+) sign, like Syracuse +7.

This means the March Madness betting sites feel UCLA will beat Syracuse by seven points. If you bet on Syracuse, that means you get seven points added to their final total in the game. To win that bet, you need Syracuse to either win, or lose by less than seven points. Sticking with this example, if you bet on UCLA -7, that means you only win if UCLA wins by more than seven points.

A total, or point total, is another popular way to bet on March Madness. This refers to the total number of points scored in the game, and the bet doesn’t hinge at all on the outcome. Going back to our Syracuse vs. UCLA example, March Madness betting sites can set the total at 135.5 points and give you the option to bet over the total or under.

If you bet the over, you’ll win if the combined point total by both teams is over 135.5 (the half point is added to prevent a push), no matter who wins. If you bet the under, then cheer for both teams to miss shots and play defense. You’ll win your bet if the total points is under 135.5.

Prop bets

Prop bets are other March Madness bets that are not connected to the game’s outcome, but hinge on a team or player’s performance.

These can be as simple as an over/under total on a player’s number of points, rebounds or assists. You can bet whether you think they will hit for more or less.

There are also prop bets based on a team’s performance, like the total number of rebounds by a team, total number of three-pointers made.

One of the more popular NCAA Tournament bets is the prop bet for first basket scorer, in other words, which player will score the first points of the game (this is like football’s popular first TD scorer bet). You can also predict whether the game will go into overtime.

Futures

A futures bet is just what it sounds like, a gamble on the future result and a cool way to bet on March Madness. March Madness betting sites start listing the favorites to win March Madness as soon as the previous season ends, and the odds will fluctuate wildly as the tournament kicks into high gear.

There will also be markets on who will be the March Madness Most Outstanding Player, also known as the Tournament Most Valuable Player. 

Live Betting

Live betting is the new big thing in sports betting at March Madness betting sites. Players no longer have to place their bets before the game starts….or else.

Each prominent sportsbook will give March Madness players the ability to bet on the game even after it’s begun in what is called “Live Betting.” Computer algorithms provide instant changes in the point spread or over/under totals allowing players to place a bet well into the contest. 

If you’re watching the first half and sense a blowout coming, maybe you want to take the favorite and give the points, or if you feel that the underdog is missing some shots early and going to rally, live betting gives you the chance to get in the game and bet on March Madness while the game is being played. 

Futures 

A futures bet is just what it sounds like, a gamble on the future result and a cool way to bet on March Madness. March Madness betting sites start listing the favorites to win March Madness as soon as the previous season ends, and the odds will fluctuate wildly as the tournament kicks into high gear.

There will also be markets on who will be the March Madness Most Outstanding Player, also known as the Tournament Most Valuable Player.

Live Betting

Live betting is the new big thing in sports betting at March Madness betting sites. Players no longer have to place their bets before the game starts….or else. 

Each prominent sportsbook will give March Madness players the ability to bet on the game even after it’s begun in what is called “Live Betting.” Computer algorithms provide instant changes in the point spread or over/under totals allowing players to place a bet well into the contest. 

If you’re watching the first half and sense a blowout coming, maybe you want to take the favorite and give the points, or if you feel that the underdog is missing some shots early and going to rally, live betting gives you the chance to get in the game and bet on March Madness while the game is being played. 

March Madness Structure/Brackets

The men’s college basketball season started in November with approximately 350 teams competing in Division 1 of the NCAA. They start the season with non-conference games against local teams, then move on to conference play.

This is where the traditional rivalries add a chapter, like Duke-North Carolina, or USC-UCLA or Michigan-Ohio State.

Winning the regular season conference title is nice, but then it’s tournament season. Every conference has its own conference tournament with the winner receiving an automatic bid to March Madness.

Eventually the field of 68 teams are revealed on Selection Sunday (this year it’s March 12) with eight of those teams playing in what is called the “First Four” in Dayton, Ohio.

The winners there move into the bracket of 64 teams, each seeded 1-16 by the NCAA and placed in four different regions throughout the country. The higher the seed, the better the team, supposedly, but one of the beauties of March Madness is the lower seeds pulling the upsets.

Each region is a mini March Madness tournament of its own. It’s all win or go home, survive and advance as they say. The four Region winners meet up in the Final Four in Houston April 1, and the winners collide for the national title on April 3.

When the final buzzer sounds, confetti shoots in the air, the popular music montage “One Shining Moment” plays showing the tournament highlights and the winning team gets to cut down the nets as a symbol of their excellence.

Rules and regulations for March Madness betting 

Massachusetts became the latest state to approved online sports gambling launching March 10, 2023. Yes, this was done just in time for players to bet on March Madness. 

Before the 2023 tournament starts, there were 33 states (including Washington D.C.) that sanctioned sports betting, which includes March Madness betting, but many states have restrictions on whether you can bet on the state’s local college teams or events or a prop bet offered on a college athlete.  

This safety measure is put in place to ensure that athletes can’t be induced into shaving individual or team points.

Now, let’s talk about the best March Madness betting sites and what they bring to the March Madness table.

Bet365 sportsbook

Bet365 is available in three states for betting on March Madness: New Jersey, Colorado and Ohio. New players can sign up just in time for March Madness, make a deposit, make a bet of a single dollar, and once that bet settles receive $365 in Bonus Bets. Bet365 has a deep sports betting menu with daily profit boosts connected to local teams and a great Live In Game tab where you can track every move of the game you’ve wagered on.

BetMGM sportsbook 

It’s called the King of Sportsbooks for a reason and is one of the best NCAA betting sites. BetMGM, part of the global entertainment company MGM has a brilliant layout and one of the biggest cards of sports to bet on, like cricket, cycling, Formula 1 and lacrosse.

For March Madness, new players can get up to $1,000 back on their first bet if it doesn’t win. BetMGM is open in approximately 20 states, including Illinois, Louisiana, New York, New Jersey and Virginia.

The sportsbook also offers the unique “edit my bet” opportunity where players can add, swap or remove a selection as part of a parlay and also increase their stake while the game is being played. That’s a move that will make you feel like a King. 

Unibet sportsbook

Well known for its presence in Europe for innovative soccer markets and boasting over 15 million players worldwide, Unibet continues to carve out a niche in America. For March Madness college basketball games, Unibet offers over 100 markets, including halftime over/unders, First to 5, 10 and 15 points in addition to the standard spread and total bets.

The welcome bonus for new players is up to $100 back if your first bet loses. Unibet is open for March Madness betting in six states: New Jersey, Pennsylvania, Virginia, Iowa, Arizona and Indiana.

FanDuel

FanDuel has become a major player in the American sports betting market after cutting its teeth as a premier Daily Fantasy Sports hub. It is available in just about every state where March Madness betting sites are legal. FanDuel has a March Madness special running in time for the tournament where new players can make a deposit, bet on any live sports market and get 10x the value of their first bet back as bonus bets up to $200.

In other words, you can turn $20 in $200 in a flash. FanDuel offers 25 percent profit boost tokens for March Madness each day of the tournament.

FanDuel is open for business in over a dozen states, including Connecticut, Illinois, New York, Pennsvlvania and Virginia. 

Borgata sportsbook

The Borgata Sportsbook is only legal in New Jersey and has a definite BetMGM look and feel. It has an “easy parlay” button on the top rail, allowing players to combine bets into a simple combo with good odds and plays can watch live games from around the world. We liked the fact that the Borgata has a section for the women’s NCAA basketball bracket 2023 set up as well.

The welcome offer is substantial, a 100 percent deposit match up to $1,000 on your first deposit as well as $20 Bonus Dollars. New Jersey players are lucky to have the Borgata as a place to bet on March Madness and can use it as an NBA betting site once March Madness is through. 

BetRivers

BetRivers was one of the first online sportsbooks to go live in Pennsylvania and is now open for business in approximately 10 states including Ohio, New York and Michigan. The sportsbook is a little different than others, with a “Real Winners” tab running down the right side of the screen highlighting the real-time big casino winners.

The sportsbook menu isn’t as deep, but there’s plenty to like with daily March Madness “House Specials” that add value to your profits. For March Madness, BetRivers offers parlay insurance: place a four+ leg March Madness betting parlay and get your bet back if one leg loses.

Sugarhouse

In August of 2022,  Sugarhouse officially rebranded to BetRivers in most states, with the PlaySugarHouse name being replaced with BetRivers Online. The last true Sugarhouse online sportsbook is playable in Connecticut through a partnership with the Connecticut Lottery. New sports betters can get up to $500 free bet on March Madness with the correct deposit code and Connecticut players earn benefits through the iRush Rewards Loyalty Program.  

SI Sportsbook

One of the newest sportsbooks on the market, SI Sportsbook has the branding and backing of the famous magazine Sports Illustrated and is available for play in Colorado, Michigan and Virginia with plans to expand further in 2023.

There’s a direct tie-in to Sports Illustrated magazine where new players can place their first bet and get a historic SI cover valued at $200. New players can collect $200 in free bets after an initial March Madness wager of $20 with the promo code SI200. 

DraftKings 

DraftKings is one of the best March Madness betting websites, with a great app, mobile site and desktop interface. This is a sportsbook that started off as a mega Daily Fantasy Sports site and players will see daily March Madness pools to enter and is now legal in over 25 states.

New customers can get a deposit bonus up to $1,000 and a Bet $5 get $150 promotion where if you bet on a pre-game moneyline you can win $150 in Bonus Bets.

There’s also daily profit boosts on March Madness. DraftKings is a beast. DraftKings is legal just about everywhere including Virginia, Ohio, Michigan and Louisiana. It boasts tons of markets on each March Madness game, a bracket contest and plenty more. 

We’ve talked some about the who and the how, now let’s pull back the curtain on some of the best ways to approach your bet on March Madness. Here are four key points to think about when crafting your March Madness betting strategy:

Think Travel

Look around at which teams must make long trips to play their first-round games. An East Coast team playing in a first-round game across the country usually has tired legs because they don’t get much time to rest. If a low seed is playing near their city against a high seed from far away, think an upset is coming. 

Big Is Good, Good Is Better

It’s a common debate every March Madness, is a lower seeded big school, like Ohio State or Texas better than a smaller school that won its conference? It varies, but teams that have won a lot of regular season games know how to win, no matter if they come from a school of 3,000 or 30,000. 

Cinderella is Coming, But Leaving Too

When doing your March Madness bracket betting, it’s always tempting to have a low seed make it all the way to the Final Four. You’ll think you’re so smart because you picked Kennesaw State. The truth is upsets do happen and teams do go on Cinderella runs….for a while. Eventually those teams run into bigger, better schools and get beat. 

Traditional Powers Are That For A Reason

You look at the last 10 teams to win March Madness and many of names are familiar: Kansas, Villanova (twice), North Carolina, Duke, and Connecticut. There’s a reason these teams are the powerhouses in the sport. They have great coaches and great players. As boring as it sounds, the cream usually rises to the top in March Madness and one of the big conference powers prevail. Remember that when you’re betting on March Madness. 

Massachusetts became the latest state to approved online sports gambling launching March 10, 2023. Yes, this was done just in time for players to bet on March Madness.

Before the 2023 tournament starts, there were 33 states (including Washington D.C.) that sanctioned sports betting, which includes March Madness betting, but many states have restrictions on whether you can bet on the state’s local college teams or events or a prop bet offered on a college athlete.

This safety measure is put in place to ensure that athletes can’t be induced into shaving individual or team points.

Upcoming states

Maine 

Maine legalized sports betting in May of 2022 with the expectation that it would launch in April of 2023.

Florida 

There was sports betting allowed in Florida for over a month in 2021, but the state continues to battle with the Seminole Tribes over who can legally sanction (and receive profits) from sports betting.

Eight other states: Texas, Oklahoma, Missouri, Minnesota, Kentucky, South Carolina,  Vermont and Hawaii have an active ballot initiative or state legislation in the works.

Who Has the Most March Madness Championships: UCLA has the most March Madness titles with 11, followed by Kentucky (8), North Carolina (6), Duke and Indiana have five. Connecticut and Kansas each have four. Villanova has three.

What Was the First Year of March Madness: 1939, won by Oregon, who beat Ohio State in the final.

Most Final Four Appernaces: North Carolina has been in the Final Four 21 times, followed by UCLA (18), then Kentucky and Duke with 17 appearances each followed by Kansas with 16.

Team With Most Wins in March Madness: Kentucky has the most wins during March Madness with 129. The Wildcats have also appeared in the most tournaments. They have made it 58 times.

Lowest Seed to Reach The Final Four: Five 11-seeds have made it to the Final Four. UCLA was the last team to do it in 2021. Before that it was Loyola-Chicago in 2018, Virginia Commonwealth in 2011, George Mason in 2006 and LSU in 1986.

Lowest Seed to Win March Madness: In 1985, eighth-seeded Villanova beat Georgetown to win the NCAA title. They are the lowest seeded team to ever win March Madness. 

Has a 16 seed ever beat a No. 1 seed? Only once. It happened in 2018 when University of Maryland-Baltimore County beat top seeded Virginia 74-54.

March Madness provides sports fans and bettors enough thrills to last them all year. With its win-or-go-home style, every game is a great contest where the excitement builds to the final. Sportsbooks heighten the excitement with great promotions connected to March Madness and offers. You may not get to cut down the nets like the champion does, but that doesn’t mean you can’t be a big winner during March Madness!