March Madness Betting Explained: How Do Betting Odds Work?

March Madness is one of the most exciting times of the year for sports fans and bettors alike. With so many games, upsets and Cinderella stories, betting on the NCAA Tournament can be thrilling and rewarding. But before you place your wagers, it's essential to understand how betting odds work. Whether you're a beginner or an experienced bettor, knowing the ins and outs of odds can improve your betting strategy and increase your chances of making informed decisions.

Understanding Betting Odds

Betting odds represent the probability of an event happening and determine how much you can win based on your wager. In the United States, odds are typically presented in American odds format at March Madness betting sites, but fractional and decimal odds are also common in international markets. Let's break it down:

American Odds (+ and - Format)

American odds are expressed with either a positive (+) or negative (-) sign:

Negative odds (-) indicate the favorite. The number tells you how much you need to bet to win $100. For example, if Duke is -150, you must bet $150 to win $100 (and a $15 bet would win $10).

On the other hand, positive odds (+) indicate the underdog. This number tells you how much you win on a $100 bet. For example, if a lower-seeded team is +200, a $100 bet would win you $200 (or a $10 bet would win $20).

March Madness Betting Markets

March Madness offers numerous betting options, making it a prime opportunity for both casual and seasoned bettors who can sign up, claim sportsbook promos and make wagers. Here are some of the most popular ways to bet on the NCAA Tournament:

Moneyline Bets

A simple bet on which team will win the game outright. For example if Kansas is -180, they are favored to win and a $180 bet would pay $100 in profits. If a lower-seeded Cinderella team you like is +250, then they are the underdog with a higher payout - in this case, $25 with a $10 wager or $250 with a $100 wager.

Point Spread Betting

Sports betting apps set a margin, or spread, to balance the odds. For this, the bet is on whether a team will either cover the spread (win by a certain number of points or lose within a set margin) or not cover the spread. For example, if Gonzaga is -6.5, it means they must win by at least seven points. Its opponent would be +6.5, meaning it could lose by six points or fewer, or win outright, and the wager on them would win.

Over/Under (Totals Betting)

If you don't want to pick a team, sports betting sites set a total number of points scored in a game, and you bet on whether the actual total will be over or under that number. For example, Over 145.5 means that you are betting the teams will score a combined 146+ points. Under 145.5 means you are betting the teams will combine for 145 points or less.

Futures Bets

Futures bets are long-term wagers placed on events that will be decided at a later stage in the tournament. Futures bets typically offer better odds before the tournament begins, but they fluctuate as games are played and teams are eliminated. These bets can offer high payouts but require patience as they may take weeks to settle. Some popular March Madness futures bets include:

NCAA Championship Winner

Betting on which team will win the entire tournament. The odds shift as teams advance.

Final Four Teams

Wagering on which teams will reach the semifinals.

Conference Winner

Betting on which conference will produce the championship team.

Most Outstanding Player

Predicting which player will win the NCAA Tournament's most outstanding player award.

Number 1 Seed to Win

Betting on whether a top-seeded team will claim the title.

Where to Bet on March Madness

Up until the championship game in San Antonio on April 7, the next three weeks will be a thrill ride like no other. Now that your brackets are set and that you better understand how betting odds work, check out some of the best March Madness sportsbook promos available today. These offers are all free to claim.

Remember to Bet Responsibly

Betting on March Madness can add an extra layer of excitement to an already thrilling tournament. Understanding NCAA Tournament odds and different betting markets is crucial to making smart wagers. Whether you're backing a powerhouse like Duke or a potential Cinderella story making a deep run, knowing how betting odds work gives you a competitive edge.

So, study the brackets, analyze the odds, and enjoy the Madness responsibly!

This article is part of our Betting Promotions series.