March Madness Betting Odds

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11/1/2022 4:00 AM

2023 NCAA DI Men's Basketball Tournament

March Madness 2023 Dates & Schedule

The next NCAA Division I Men's Basketball season is set to begin in November before concluding with the March Madness tournament in 2023. Ahead of the season, here are the key March Madness 2023 dates to keep hold of you so you know exactly when the college basketball action is taking place. As always, the 2023 March Madness tournament will begin with Selection Sunday before ending with the NCAA Championship Game.

Round 2023 Dates
Selection Sunday March 12
First Four March 14-15
First Round March 16-17
Second Round March 18-19
Sweet Sixteen March 23-24
Elite Eight March 25-26
Final Four April 1
NCAA Championship Game April 3

March Madness Betting

March Madness Spreads

The most popular form of March Madness betting is the point spread. Before every game, a list of NCAA Tournament lines will be posted, with a spread attached. One team will be considered the favorite; to cash in, they’ll have to win by a certain number of points (known as the point spread). For the underdog to cash in, they’ll have to either win the game or lose by fewer points than the spread. For example if North Carolina are a 1.5-point favorite, they would have to win by at least 2 points to cover – which they did.

Usually, one team or the other will win a basketball game against the spread (ATS), but not always. If the spread for a game is a “flat” number, i.e. a whole number, and the favorite wins by exactly that number of points, it’s called a push, and all wagers are returned to the bettors.

March Madness Moneylines

The moneyline is the old-school way of expressing the March Madness betting odds. Instead of betting against the spread, you simply bet on one team to win the game straight-up (SU). In an example, if the Tar Heels are –125 favorites on the moneyline odds and you place a monelyine bet on them they need to win the game for your bet to win. If you like an underdog to pull off the upset and beat the favorite SU, you’ll make more money by placing a moneyline bet, provided your team comes through for you.

March Madness Over/Under Betting

Also known as the total, the over/under continues to grow in popularity on the March Madness lines. All you need to do here is bet on whether the combined final score of the game will go over or under the posted total. For example, the over/under for a game might be 155 points. The under bet would win if there was less that 155 points, and the over bet would win if it was more. If the two teams have a combined score for exactly 155 points, it would be a push – all monies returned, just like in spread betting.

March Madness Futures Betting

A futures bet is when you bet on who is going to win a future event/award. Some examples of March Madness Future bets could be the odds to win March Madness or to win March Madness MVP. Futures odds are available until the tournament boils down to the last two teams.

March Madness Prop Bets

Proposition bets, or prop bets for short, ask you to wager on something aside from the outcome of a specific game. These bets usually fall into two categories: team props and player props. A team prop could be as simple as how far the Spartans will advance in the NCAA Tournament, while player props will ask you to wager on a specific individual performance, like how many points a player will score in a particular game. March Madness prop betting has become increasingly popular over the years, and you can expect to find more and more props on the NCAAB odds board as the tournament gets closer to the National Championship Game.

March Madness Parlay Betting

If you plan on making multiple straight bets (spread, moneyline or total) on the college basketball betting lines, you can increase your potential payout by combining up to 14 of those lines in a single bet known as a parlay. Your payout will rise exponentially if you get all your picks right – you can win over 2,300 times your original bet with a 14-team parlay at Bovada Sportsbook. However, you have to get every pick correct for your parlay to pay out. It’s all about managing risk versus reward; many bettors will stick to 2-team parlays, often combining the spread and total from the same game. Teams, in this case, refers to the Over or Under as well as the teams on the basketball court.

March Madness Teaser Betting

A teaser is a special kind of parlay that lets you move every single line by a certain number of points. When you’re dealing with NCAA Tournament lines, you can tease by 4, 4.5, 5, or 6 points. The more points you tease by, the smaller the payout gets; in return, you have a greater likelihood of winning. The maximum number of teams you can put in a teaser is 10, down from 14 for a standard parlay.

In addition to these teasers, there are special sweetheart teasers where you can move the lines by 10 points, or even 13 points. Added restrictions apply here; a 10-point sweetheart teaser must contain a minimum of three teams, while a 13-point sweetheart teaser requires at least four teams. Once again, the payouts get smaller the more points you tease by.

March Madness Live Betting

All the betting options we’ve mentioned thus far have to be made before the game in question starts, but you can also take advantage of the March Madness odds while a game is in progress. At Bovada Sportsbook, you can bet live on March Madness games by clicking the LIVE MODE button at the top right of the odds page for the game you want to bet on; a separate window will appear, showing you the running point spread, moneyline and total. These lines will be updated throughout the game as play continues. Other prop bets may be available as well, like what the next point will be (a free throw, a 2-pointer or a 3-pointer), or whether a certain player will make his next shot.

March Madness Betting Tips

It takes a certain amount of cunning and strategy to beat the March Madness lines and make yourself a little money during the NCAA Tournament, but you don’t have to be a rocket scientist – you only have to do better than the average person. And at this time of year, there are countless recreational bettors who just want to put a few dollars on their favorite teams, without putting too much effort into strategy. There will be more of these bettors as you get deeper into the tournament and the games get more important; the Elite Eight odds will be easier to beat than the Sweet 16 odds, and the Final Four odds will be softer still.

The most important thing to remember with March Madness betting is that it’s not you against the sportsbook. Your competition is the other bettors in the marketplace; if they put too much money on one team, the book will move the odds in order to get more bets on the other team, hoping to balance the action and make it easier to pay the winners, no matter what the final score is. As a general rule, recreational bettors tend to overvalue favorites, so the betting value is often with the underdogs.

There are a number of ways you can take advantage of these tendencies. If you’re thinking about making a bet on the March Madness futures market, your best value won’t be with the teams at the top like Michigan State; look further down the NCAAB championship odds list for a quality team with a little less brand-name recognition.

A huge March Madness betting tip is to review expert basketball journalist's March Madness brackets and look for the upsets. These are usually games between the 4-seeds and the 13-seeds, 5 vs. 12, and 6 vs. 11. The teams with the higher-numbered seeds are usually the champions of smaller conferences that don’t get a lot of publicity, while the lower-numbered seeds are often “at-large” teams from the big-name conferences like the ACC and the Big Ten. Those at-large teams aren’t necessarily that good, and they may lack motivation at the Big Dance if they had bigger expectations for themselves coming into the new season.

That covers everything you need to get started with NCAA March Madness betting NCAA Tournament. You now know about the structure of the Tournament itself, the different ways you can bet on March Madness, and the betting fundamentals that will help you with your March Madness picks. For more information, make sure to consult the ever-growing treasure trove of college basketball articles and analysis here at Bovada, and best of luck on the hardcourt this year.

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