The NCAA men’s basketball tournament, otherwise known as March Madness, is one of the biggest betting events in the US. It’s second only to the Super Bowl in attention and betting volume by many measures.
That should come as no surprise. March Madness provides a veritable smorgasbord of betting opportunities, including futures on particular teams to win or make a certain round and bets on individual games. Even states with strict college betting restrictions tend to lighten their rules for March Madness. That’s how big the event is for legal betting states.
On this page, we’ll give you a comprehensive overview of March madness betting.
Common Types of March Madness Bets
Let’s take a look at the most common March Madness bets offered at US sportsbooks.
Moneyline
A moneyline bet is simple: pick a team to win! The odds for moneyline bets are determined by each team’s performance, roster, and matchup. In moneyline betting, an underdog will have better-paying odds but a lower chance of winning (according to the sportsbook). Meanwhile, the favored team will have a lesser payout but a higher chance of success.
Point Spread
Point spreads give adjusted points to the underdog and an imaginary disadvantage to the favored team. For example, you might see odds like this:
- Iowa -5.5 (-112)
- Iowa State +5.5 (-108)
The spread evens things out when teams are mismatched. In this example, Iowa is expected to win by about 6 points. To cover the spread (which would mean the bet wins), Iowa would need to win by at least 5.5 points. The -5.5 is applied to Iowa’s final score, and if they still beat Iowa State with that setback applied, they cover the spread.
Conversely, Iowa State has to either win outright or lose by fewer than 5.5 points. They get 5.5 points added to their final score to determine whether they cover the spread.
Total (Over/Under)
When you bet on a totals market, you’re betting on the combined score of both teams, regardless of who wins or loses. The sportsbook sets a line for March Madness games, say 135.5. You then wager on whether you think the teams will combine for over or under 135.5 total points. A final score of Iowa 72, Iowa State 71 would make the total 143, which means the over hits. A final score of Iowa 65, Iowa State 60 adds up to 125, which means the under hits.
Futures
March Madness futures bets are particularly popular among bettors who are loyal to a particular team. The top futures bet is on a team to win the tournament. These bets come with long odds and big payouts for the most part. Why? It’s incredibly difficult to pick a single winner correctly from such a big field so far in advance.
Other futures markets include teams to make specific rounds, such as the Sweet Sixteen or Elite Eight.
Prop Bets
Prop bets cover elements of a March Madness game that aren’t intrinsically tied to the outcome of the game. Player props are among the most popular of this bet type. You might find props on a specific player to make more than three 3-pointers or log a number of assists. Game props are also available, such as “Will the game go into overtime?” with odds on yes or no.
Parlays and SGPs
A parlay collects multiple wagers into a single combined bet. Each wager is called a “leg.” When you place a parlay bet, all the constituent bets need to be successful to win. For this reason, parlays have higher odds and better payouts than the individual bets comprising them, but they’re harder to win.
You can combine bets from multiple games into a parlay. Additionally, sportsbooks allow March Madness same-game Parlays or SGPs, which combine bets within a single game into one wager.
Live Betting
Live betting involves wagering on a game as it’s already in progress. Sportsbooks update their odds quickly in response to in-game events. Live betting has many advantages, including keeping you invested in a game and offering opportunities to maximize your wins. For example, if you think a team will turn their deficit around and come back for a win, the live betting odds might provide a good opportunity to earn more.
Understanding March Madness Odds
March Madness odds might look intimidating if you’ve never placed a bet before. But we’re here to help you realize they’re quite simple. Here are some examples of odds:
- Gonzaga moneyline: -165
- Illinois moneyline: +190
- UConn to win March madness: +900
- Drake to win March Madness: +15000
- Michael Ajayi to score the first basket: +1200
These are just a few examples of what the odds might look like. When you see a minus symbol in front of the odds, that indicates a favorite. A plus symbol indicates an underdog.
In futures betting and many props, you’ll often see only positive odds because there are many outcomes to choose from. This means the payouts are good, but the likelihood of winning is low due to the number of possibilities.
How to Read March Madness Odds
Let’s look at some moneyline odds to help you understand how to read March Madness odds.
- Gonzaga: +185
- UConn: -215
In this scenario, UConn is favored to win, while Gonzaga is the underdog. The odds also tell us how much a bet on either team would pay if successful. At odds of +185, a $100 bet on Gonzaga would pay $285 ($185 in profit plus your initial bet returned). Meanwhile, bets on UConn pay less, proportionately. This is because UConn is favored to win. If you bet $215 on UConn and they win, you’ll get $315 (your bet back plus $100 in profits).
In other words, positive odds indicate how much you’d win on a $100 bet. Negative odds show you how much you’d need to bet to win $100. We have odds calculators and other resources to help you with this, and most sportsbooks will show you potential winnings before you place a bet.
How to Bet on March Madness Online
Let’s say you want to place a futures bet for March Madness. Here’s how you would do so at DraftKings. Note that the process is similar to other sportsbooks, though some steps may differ slightly. Check out our Best College Basketball Betting Sites
Log in to Your Account
Log in using your typical method, such as email/username or face ID. If you don’t yet have an account, be sure to check for a sportsbook bonus when creating your account. Remember you can claim March Madness betting promos at one or more sportsbooks.
Find March Madness Odds
Click “College Basketball” or search for NCAAB to find odds. The odds page at the time of writing looked like this:
Select Your Bet
Click or tap the team/odds you want to bet on. This will add your selected wager to your bet slip.
Type in Your Bet Amount
Enter your bet amount. The sportsbook will show you how much the bet would win if you picked correctly.
Place Your Bet
Select “Place Bet” and wait for the sportsbook to confirm your wager is processed. Now, all that’s left is to wait for the outcome.
March Madness Bracket Betting Tips and Strategies
Whenever you place bets, you should keep some helpful tips and strategies in mind. Here are a few of our top recommendations.
Line Shopping
Not every sportsbook will have the same odds. You can create multiple accounts to find the best odds across various sportsbooks. For example, if DraftKings has odds of +900 for UConn to win March Madness while BetMGM lists UConn at +750, DraftKing has the better potential payout.
Bankroll Management
Have a plan for how you intend to manage your bankroll while sports betting. This is especially helpful during March Madness, considering how many betting opportunities the tournament presents. We recommend setting a unit size to determine your betting strategy. You can then use calculators such as Kelly Criterion or Martingale to lay out your bets.
Live Betting
Live betting can be a great way to hedge your bets or maximize potential profits. Track lines as games are in play to find opportunities to maximize your edge.
Navigating Upsets and Cinderella Stories
In March Madness, it doesn’t always pay to pick the favorite. Just look at three big upsets in recent years. No. 16 Fairleigh Dickinson (16) took down top-seeded Purdue, and Furman (13) beat Virginia (4) in 2023. The 2034 tournament had plenty of upsets, too, including James Madison defeating Duke in the second round and Yale’s toppling of Auburn in a 13-4 seed upset.
It’s obviously incredibly difficult to predict these upsets, but you should keep the history of March Madness Cinderella stories in mind while placing bets.
Betting on the Final Four and National Championship Game
The Final Four and men’s national championship game are among the biggest betting events of the year. Futures for these markets are available very early in the year. You can bet on a March Madness champion for the next year shortly after the current year’s tournament ends. Check out our March Madness odds
Final Four and championship bets include deep wells of props and parlay betting opportunities. Keep an eye on your favorite sportsbooks for new betting opportunities.
Where Can I Legally Bet on March Madness?
You can bet on March Madness in more than 30 states with legal sports betting. However, because March Madness is a college sport, some states have specific restrictions. For example, Illinois doesn’t allow betting on in-state college teams. Other states completely prohibit betting on college player props. Yet other states have hyper-specific restrictions, like only allowing futures betting or making specific allowance for March Madness but no other NCAAB matches.
We have a full guide to every state’s March Madness betting restrictions right here, so you’ll know the rules before you bet.
More March Madness Betting Resources
We have a variety of tools available to help you maximize your March Madness betting experience:
How to Bet on March Madness FAQ
Yes. Many states have legal sports betting online, in person, or in both formats. You can bet on March Madness games as long as you’re 21 or older, in a legal jurisdiction, and the state doesn’t restrict betting on college sports.
You can bet on NCAA basketball by signing up for a legal sportsbook in a state where betting is legal. Once you sign up and make a deposit, you can place your NCAAB bets.
Yes. BetMGM is an excellent overall sportsbook, and it has March Madness odds galore.
In many states, you can place March Madness player prop bets. Some states have specific prohibitions on these bets, though.
A futures bet is a wager on a far-future outcome, such as the winner of March Madness or a team to make the final four. These bets have high profit potential but a low likelihood of winning.
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