March Madness 2023 Betting - How To Bet On The NCAA Tournament
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March Madness Betting Tips
How Does the NCAA Basketball Tournament Work?
There are 68 available spots in the NCAA Tournament: 32 teams get in by way of winning their respective conference tournaments while the remaining 36 “at-large” teams are chosen by the NCAA selection committee, a 10-person group made up of athletic directors and conference commissioners.
The committee takes into consideration a number of different criteria to determine the best 36 teams that did not win their conference tournament. The committee then seeds the teams 1-68, which makes up the four separate 1-16 regions (plus the four play-in games).
This year, Selection Sunday takes place on March 12 at 6 p.m. ET. The selection show will be aired on CBS with the bracket being revealed to show the 68 teams who qualify for this year’s tournament. Games begin with the First Four on March 14-15. First-round games start on March 16-17, with second-round contests taking place on March 18-19. The Sweet 16 will be held on March 23-24 before the Elite Eight on March 25-26. Houston will host the Final Four on April 1 with the national title game tipping off on April 3.
2023 NCAA Basketball Tournament Winners Odds
Duke and Kentucky are the early favorites at +1000, Arkansas, Gonzaga and Kansas at +1200 and North Carolina and UCLA at +1400.
Betting on the March Madness 2023 Tournament
March Madness is one of the most wagered on events of the year. Given the number of games and the unpredictable nature of the tournament, it always draws betting interest. This will be the first March Madness tournament residents in markets such as Ohio and Maryland can place bets online through their mobile devices now that Maryland and Ohio online sportsbook apps will be live by then.
Bettors can expect to wager on point spreads, totals, futures, parlays and even in-game wagering. Expect some point spreads to reach the 30s with favored No. 1 seeds taking on relatively unknown underdogs from smaller conferences. This can also lead to inflated moneyline odds with heavily-favored teams.
Depending on your state, individual player props may also be a wagering option. These can include the Over-Under on an individual's player points or rebounds totals. Some states also have individual props on who will be named the Most Outstanding Player of the tournament.
Futures odds continue to update throughout the tournament, too. Bettors can wager on a team to make the Sweet 16, Final Four, or win the national title. Sportsbooks also give players the option to bet on which conference the national champion will come from.
Enhance your experience with some of the most popular sports betting features:
- ✅ Moneyline betting: A staple wager for casual bettors and seasoned pros alike, moneylines simply require you to pick the winning team in a one-off sporting contest.
- ✅ Futures betting: Essentially a moneyline bet for the long haul, the futures market enables you to speculate on the outcome of distant events such as the next Stanley Cup winners.
- ✅ Spread betting: A slightly more complex market, spread betting enables you to bet on the margin of victory between two teams. The narrower the spread, the better the odds will be.
- ✅ Betting on the over/under: A simple and easy-to-understand betting option that allows you to predict if the final collective score will be over or under the oddsmakers set points line.
- ✅ Prop betting: Got a hunch about a player’s form going into game? Back them to do something special with prop betting – a market that allows you to bet on specific actions in a game at increased odds.
Best Sportsbooks for Betting on March Madness 2023
Sports betting has continued to expand across the country as more states have legalized it in recent years. Some states have opted for an online-only market, such as Wyoming, while others like South Dakota only permit retail sports betting in the city of Deadwood.
When online sports betting in New York officially launched in January 2022, it became the biggest state to have sports wagering. The state has produced higher handle totals in a week than most states do in an entire month.
In addition to the ease and speed that online sports betting provides, it also allows players to shop the best line across multiple sportsbooks, which is critical for profiting long-term in sports betting. For instance, the UCLA Bruins could be favored by -7 at FanDuel, but Caesars Sportsbook could have the Bruins as -6-point favorites. Searching for the best line across all the games is critical for every sports bettor, and a state with multiple online books benefits the bettors.
Tips to Consider When Betting on March Madness
- ✅ Be sure to find the best line for whatever bet it is you like to make. This can benefit in the long run, and the last thing you want is to have a 6.5-point favorite only win by six when you could have possibly gotten a –5.5 on a different sportsbook. The same idea goes for betting the Over-Under and the moneyline. If one sportsbook has the Michigan State Spartans as +195 underdogs and another has them at +215, it’s beneficial to take the higher number in case Michigan State does pull off the upset.
- ✅ Do your research. Sure, firing off bets on a whim can be fun but it likely won’t result in any type of long-term profitability. Your best chance to finish ahead this March Madness tournament is to research all the teams and try to find an edge. Whether that’s how a team’s perimeter defense matches up or the size and length of a roster, these are all things worth considering when trying to bet on a game.
- ✅ Don’t chase your losses. Games begin early in the afternoon and can go well past midnight. If you have a rough go at it early, don’t unload your entire bankroll on the west coast game tipping off at 10 p.m. Eastern hoping to make all your money back. This is not responsible bankroll management, and the last thing you want is to blow all your money on the first day of the tournament.
- ✅ Stay disciplined with your bankroll. This goes with the last tip but remember: the tournament spans nearly a month. There will be emotional highs and lows, and it’s important to remain level-headed and responsible with your bankroll.
Have Fun and Bet Responsibly
March Madness is one of the most thrilling events in sports and can be enjoyed further with responsible gaming. A standard bet should be 1% to 2% of your entire bankroll, meaning if you have $1,000 bankroll, a standard wager would be $10 or $20 depending on your unit size. Betting responsibly is key to enjoying March Madness when it comes to betting on all the games.
FAQ
When is March Madness?
March Madness starts on March 14-15 with the First Four games and ends on April 3 with the national title contest.
When and Where are the First and Second Rounds?
The first round takes place on March 16-17, while the second round is from March 18-19. These games will take place across the country, including in Birmingham, Ala., Des Moines, Iowa, Orlando, Sacramento, Calif., Albany, N.Y., Columbus, Ohio, Denver and Greensboro, N.C.
When is the Sweet 16?
The Sweet 16 will be played on March 23-24.
When is the Elite Eight?
Elite Eight games will be held on March 25-26.
When and Where is the Final Four?
The Final Four is taking place at the NRG Stadium in Houston with games tipping off on April 1.
When and Where is the National Championship?
Houston will host the national title game on April 3.
Can I bet on March Madness?
Yes, if you live in one of the states with a form of legalized sports betting.
Who is the favorite to win the 2023 title?
Early odds have Duke and Kentucky at +1000, Arkansas, Gonzaga and Kansas at +1200 and North Carolina and UCLA at +1400.
Contributors
Hi, I'm Bryce Derouin
"Bryce joined Gambling.com after spending the last nine years covering high school and college sports throughout Michigan. He’s served as the primary Division II beat writer for Grand Valley State and Michigan Tech. Along with his newspaper background, he's worked in marketing and recently co-founded Upbeat — the Upper Peninsula of Michigan’s first subscription-based prep sports website. His favorite sports to gamble on are football, basketball, baseball and Formula 1."
