Are you hoping to learn how to bet on March Madness? You’ve come to the right place.
This college basketball betting guide will explain how to sign up with a sportsbook, and how to bet on March Madness 2023. We’ll provide March Madness betting tips to help you maximize your winnings during this exciting time of year.
Let’s get to it!
How to Sign Up With a Legal Online Sportsbook
Gaming Today recommends DraftKings, BetMGM, FanDuel, Caesars Sportsbook, PointsBet, and Bet Rivers as top legal online sportsbooks for betting on March Madness.
The sign-up process is similar at all of these “best in class” sportsbooks. We’ll use DraftKings in our example, but just know that registering for a new account is simple and takes less than five minutes. Here’s a step-by-step guide:
- Start by tapping on our DraftKings promo code link to complete the sign-up process. You’ll simply provide personal information that verifies your identity and location.
- You can take advantage of $1,200 in betting bonuses (we’ll break these down in a bit) that DraftKings offers to new users now.
- Make a deposit using any of the convenient methods DraftKings offers. We recommend PayPal or online banking.
Claim up to $1,200 in Sign-Up Bonuses at DraftKings
This is the fun part! DraftKings currently offers three separate bonuses when you sign up for a new account.
- $50 Bonus Bet: You’ll receive this first bonus after signing up and making a minimum $5 deposit.
- 20% Deposit Match: DraftKings will also match your first deposit at 20% up to $1,000. For example, a $500 deposit will make you eligible for a $100 bonus (once the 5X play-through requirement is met).
- Bet $5, Get $150: Make a $5 bet on any pre-game moneyline, and you’ll get $150 in bonus bets.
How to Bet on March Madness Games
The beauty of March Madness involves the number of games to wager on! There is a betting line offered on each game that includes the spread, moneyline, and total. Here’s how to bet on March Madness games:
The point spread levels the playing field between two opponents. Let’s use an opening round game from March Madness 2023 to explain this bet.
Providence +3.5 (-110)
Kentucky -3.5 (-110)
Kentucky is favored to beat Providence by 3.5 points. If you bet on Kentucky, the Wildcats need to win by at least four points to cover the spread. If you bet on Providence, the Friars can lose by three points and still cover the spread.
What if you just want to bet on one team to win the game outright with no point spread involved? You’d make a moneyline bet. A $100 bet on underdog Providence would pay out $150 in winnings (and your original $100 stake back). You’d need to bet $175 to win $100 on Kentucky as the favorite. If the Wildcats win, your payout will be $275 ($100 in winnings, $175 stake back).
The total is the combined number of points scored by both teams in the game. You can bet Over or Under a set number of points to be scored. Providence-Kentucky had a total of 145.5. Over bettors need a minimum of 146 points to win. Under bettors need a maximum of 145 points.
How to Bet on March Madness Futures
Futures odds are offered on teams to win the 2023 NCAA Tournament. These odds are offered any time of the year, and they will fluctuate based on a team’s performance, injuries, suspensions, etc. Let’s take a look at March Madness futures at BetMGM heading into the 2023 NCAA Tournament.
Remember, you are wagering on a team to win the NCAA Tournament in this betting market. We’re looking at the top-10 betting favorites here, but there are 58 other teams that could (conceivably) win the tournament.
Odds are offered on all teams, and it’s best to compare the prices being offered at multiple sportsbooks before making your bet(s). It’s vital to get the best odds on your wagers when thinking about how to bet on March Madness 2023.
The farther down you go on the March Madness betting board, the higher your odds will be. This translates to bigger payouts but lower implied probability to win.
Houston was the +550 betting favorite to win the 2023 NCAA Tournament.
Implied probability: 15.38%
Potential payout: $650 ($550 in winnings, and $100 stake back)
But what if you think Gonzaga (+1800) will win this edition of March Madness?
Implied probability: 5.26%
Potential payout: $1,900 ($1,800 in winnings, $100 stake back)
Use our free implied probability calculator to compare odds and payouts for any team in the NCAA Tournament.
Other Popular March Madness Bets to Make
You’ve probably heard of prop bets, which aren’t directly tied to a game’s outcome. These are incredibly popular for the Super Bowl. Let’s see how these types of bets factor into how to bet on March Madness.
Props are offered on things like how many points, rebounds, assists, and three-pointers a player will have in a given game. This can be a fun way to play a game if you’re not confident in either team. Researching a player’s past performance against the opponent can help when handicapping these wagers.
Team props are also available. You’re typically betting on Over or Under a team’s total points, first half points, second half points, etc.
Frequently Asked Questions: How to Bet on March Madness
There are several ways to bet on March Madness. You can bet on spreads, moneylines, totals, and props for individual games. Live bets can also be made after a game has started. Futures odds are offered on teams to win March Madness 2023.
Yes. As long as you live in a state where sports betting is legal, you can bet on NCAA games. Check our updated list of legal states. Some states including New Jersey have a restriction on betting in-state college teams.
Yes. FanDuel Sportsbook offers betting on March Madness. FanDuel is one of the top sports betting apps in the industry.
The NCAA pegs the odds of predicting a perfect bracket at 1 in 120.2 billion!
Yes. Be sure to register as a new user using our DraftKings promo code link first. That will allow you to bet on March Madness games, futures, and more, too.