How to Bet on March Madness

March Madness is the best time in sports for dedicated basketball fans and casual spectators alike.

While the super fans are already doing deep analysis on every team looking to find an edge, seasonal hoop heads who have only been tuned in for the past week might be more motivated to go beyond the usual bracket this year.

This NCAA Tournament often brings in a host of first-time bettors, and this year’s competition is expected to draw more than $3.3 billion (yes, billion) in wagers. That makes this the perfect time to educate new bettors on what exactly they can bet on during the tournament and more importantly how it all works.

How to bet on March Madness

There are a ton of different ways to bet on basketball, but this will cover the most common ways to make a wager on hoops.

Moneyline bets

Betting the moneyline means betting on one team to win the game. The favorite in the game will have a minus next to their odds, and the underdog will have a plus. That just means that you have to wager a bit more on the favorite to make a profit compared to the ‘dog.

Here’s an example using $100 as the betting unit to make it simple to understand. (You do not have to wager that much money if you place a bet.)

Iowa is a -140 favorite to win against Clemson, which has +140 odds. If you placed a $100 wager on Clemson to win the game, you would gain $140 if they win, plus you get back your initial stake of $100. If you wanted to gain $100 by betting on Iowa to win, you would need to wager $140, which would be returned to you if they are victorious.

Spread bets

Betting the spread means you are betting the margin of victory for the game. Sportsbooks set the spread, or line, for a game, and it can move up or down before the game starts based on betting activity, injury information, etc.

Similar to betting the moneyline, the team with a minus in front of the number is the favorite and the team with a plus is the underdog. However, the odds for the spread are typically set at -110, though they can range from +100 to -120.

Iowa is a -2 favorite against Clemson, which is a +2 underdog. That means Iowa has to win by more than two points to cover the spread. If Clemson loses by one point or wins the game, they will cover the spread. If Iowa wins by exactly two points, the bet pushes, which means you get your money back.

Here’s how betting the spread for this game would work using that same $100 example. If you think either Iowa or Clemson will cover the 2-point spread, you would need to bet $110 on your preferred team to win $100 because the odds are set at -110 on both sides.

Betting on College Basketball?

Over/Under bets

Over/Unders, or totals, are a much easier concept for people to grasp. With this type of wager, you are betting on the combined total number of points scored in the game.

Like the spread, the sportsbooks give bettors a number that can move up or down before the game begins based on a number of factors. The odds are also set at -110 on both sides for this type of bet.

The total for Iowa vs. Clemson is 129 points. If you think they will combine to score more than 129 points, you’ll bet the Over, and if you think they will combine to score less than 129 points, you’ll bet the Under.

Player Prop bets

Player props are extremely popular because they are the easiest for sports fans to understand. Sportsbooks set a line for various statistical categories (points, rebounds, assists etc.) and bettors can take the Over or Under on those categories the way they would for the game’s point total.

The difference here is that the Over and Under are rarely equal on both sides. Darryn Peterson, the Kansas freshman and potential No. 1 overall NBA Draft pick, has his point total listed at 20.5 for the Jayhawks’ first game. The Over is listed at +102 and the under is listed at -130.

If you think Peterson will score more than 20 points, a $100 bet on the Over would gain you $102. If you think Peterson will score less than 20 points, you would need to wager $130 to win $100.

Futures bets

Before the start of the tournament there are tons of futures markets for bettors to find. College basketball championship odds are the most common, but you can also bet which team or teams will make the Final Four, Elite Eight, and Sweet 16, along with niche markets like betting any No. 1 seed to be upset in Round 1.

Here’s a look at the most recent college basketball championship odds.

College basketball championship odds

Best sportsbook promos to use for March Madness

Now that you know how to bet on March Madness, here are all the places you can make your wagers and get a welcome bonus when you sign up.

Kalshi also lets users make peer-to-peer trades for college basketball games, including games during the tournament. You can get $10 free with your first $10 trade on Kalshi during the tournament.

March Madness state-by-state betting restrictions

Some states give bettors more freedom than others when it comes to college sports. Some states won’t allow bettors to wager on games involving teams within their borders. Some don’t let you place futures bets on in-state teams either.

Other states restrict what college basketball player props are allowed if at all. Here’s a breakdown of the March Madness rules and restrictions for each state.

Bettors who live in Connecticut, Illinois, New Jersey, New York, Virginia and Washington are not allowed to wager on teams in their own state, but there are some caveats for March Madness.

Connecticut allows bettors to wager on in-state teams if they make the tournament, but only futures. So no betting on UConn in the first round.

Bettors who live in Arizona, Colorado, Mississippi, Missouri, New York, Pennsylvania, Tennessee, or Virginia are prohibited from wagering on college basketball player props.

Why Trust New York Post Betting

Malik Smith has been immersed in the sports betting industry since 2017. He’s a data nerd with a particular focus on the NBA and combat sports. He spends his weeknights in the winter looking for edges on plus-money NBA player props.

Disclaimer : This story is auto aggregated by a computer programme and has not been created or edited by DOWNTHENEWS. Publisher: nypost.com