With the excitement of March Madness upon us, we’re here to make sure you know how to bet on the biggest tournament in college hoops. Placing bets on your favourite teams augments the viewing experience. Here are some of the betting options available for this dramatic event:

 

Point Spread Betting

The most popular form of individual game wagering is point spread betting. Most contests in the tournament will have a favourite that is expected to win by a certain number of points. For example, if Virginia is facing Kentucky, they might be a 5.5-point favourite over their opponent. For your Virginia wager (-5.5 points) to be a winner, they would need to win by 6 points or more, while a Wildcats wager (+5.5 points) will require Kentucky to win or lose by 5 points or fewer.

 

Moneyline Betting

Betting on the moneyline is great if you love simplicity or are a novice bettor, as you’re simply picking the winner of the game when the final buzzer sounds. However, you will need to pay a premium if betting on the favourite. Alternatively, you’d get better odds than with the spread if betting on the underdog. The moneyline odds could look something like the example below:

Virginia -240

Kentucky +200

In terms of payouts, you’d win $100 when betting $240 on Virginia – the favourite, and would win $200 when betting $100 on Kentucky – the underdog.

 

Totals Betting

Betting on the points total is another straightforward wager type where you bet on the total number of points scored in a game being higher than the oddsmakers’ prediction or lower. As an example, the total for a game could be set at 140 points, and you simply pick the Over if you believe that the total number of points scored in the game will exceed 140, or the Under if you believe the total points will be lower than 140.

 

Live Betting

If you’re really into a game and you have a good feeling of what will happen next, live betting might be for you. You can place many types of bets discussed here while the game is unfolding, but beware – odds are constantly shifting, so make sure to act quickly.

 

Prop Betting – Individual Games

Not necessarily having to do with the end result of the game, prop betting focuses on events that will happen during the tilt. The most popular type of prop is betting on individual player stats, such as points scored or rebounds accumulated in the game by a certain player.

 

Parlay Betting

You can increase your winnings by combining multiple wagers into one with parlay betting. Parlay betting results in higher winnings than what you’d get if the bets were placed individually. However, they’re riskier than single bets, as all the bets have to win in order for a parlay to pay out.

 

Teaser Betting

If parlay betting sounds like your cup of tea, but you’d like a little more security, you can try your hand at teaser wagers. Teasers are parlay bets where you adjust the point spread in your favour by 4, 4.5, 5, or 6 points. The more points you buy, the lower your payout will be, as that increases your chances of winning the wager.

 

Futures Betting

If you’re a big picture bettor, you’ll probably enjoy futures betting. Futures allow you to wager on the eventual national champion or the regional champion. For example, if you feel strongly that Duke will win the national title, or that Villanova is poised to win the East Region, you can place those bets in the earlier rounds of the tournament by visiting the futures market.

 

Regardless of the bets you end up placing, it’s important to remember to enjoy this magical time of the year. Happy March Madness betting.