March is one of the most anticipated months of the year for college basketball fans due to the famous “March Madness” tournament. The NCAA Tournament draws tens of millions of viewers each year, among which are die-hard fans and also those hoping to profit from the event.
Betting on March Madness has become profitable over the years leading to fierce competition among bookmakers to offer the best odds to win March Madness.
March Madness features 68 teams competing for the National Championship over three weeks. If you’re looking to get in on the action and place some bets on March Madness, this guide will teach you everything you need to know.
Table of Contents
Research and Analysis
Doing your research and analysis is the first and most important strategy. The process entails researching each team’s statistics, strengths and weaknesses, coaching staff, and previous performance in similar tournaments.
When studying and analyzing teams, it is critical to consider their scoring averages, shooting percentages, defensive rankings, and injury reports. It would be best to consider each team’s playing style, whether fast-paced and high-scoring or slow and defensive.
Understand Your Betting Options
When it comes to betting on March Madness, you have several options. The following are the most common types of bets:
Point spread bets: These are bets on which team will win the game while taking a handicap assigned by the bookmaker into account. For example, if a team is listed at -6.5, they must win by at least seven points for the validity of the bet.
Moneyline bets: These bets are easier to understand because you’re simply betting on which team will outrightly win the game. The sportsbook determines the odds for each team, which varies depending on the matchup.
Over/under bets: These involve betting on whether the total number of points scored in a game will be greater or lesser than a certain number set by the sportsbook. If you don’t have a strong opinion on which team will win, this bet can be a good option.
Futures: This type of bet involves betting on the outcome of the entire tournament, such as which team will win the championship.
Prop bets: These are bets on specific events or outcomes within a game, such as which player will score the first basket or how many three-pointers a team will make.
You should watch the betting markets to see how the odds are moving. When a team receives a lot of public support, the odds fall, and they become less appealing as a betting option. If, on the other hand, a team is overlooked by the betting public, the odds will rise against them, making them a good betting option.
Use Multiple Sportsbooks
Another important March Madness betting strategy is to use multiple sportsbooks. You can increase your chances of finding value bets and maximizing potential returns by shopping for the best odds. Some sportsbooks provide various promotions or bonuses, so you should keep an eye out for these as well.
Bet on Underdogs
Another popular March Madness strategy is to bet on underdogs. Underdogs are teams that are predicted to lose by the point spread. Underdog bets can be risky but profitable if they outrightly win or cover the point spread.
Underdogs are usually undervalued by the betting public, resulting in favorable odds. When betting on underdogs, you must do your homework and identify any weakness in your opponent that could lead to an upset.
Watch for Momentum
Momentum is a crucial factor in March Madness. Momentum is the confidence and energy that a team gains from winning games. Teams with momentum tend to keep winning, whereas teams without momentum may struggle.
So when betting on March Madness, look for teams with momentum and bet on them to keep winning. However, don’t overestimate momentum, as it can quickly shift in the opposite direction.
If you find yourself on a losing streak while betting on March madness, take a break and re-evaluate your strategy before placing any more bets.