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March Madness Betting for Dummies and Novice Bettors

by Spencer Toth - 3/19/2025

March Madness betting for dummies and novice bettors Igor Milicic Jr. Tennessee Volunteers

The most exciting tournament in sports starts tomorrow, and there has never been a better time to lock in your March Madness bets. However, before you start trying to dissect the never-ending betting options, it is crucial you understand the various types of bets available this March. There will be prop bets, futures, game lines, and so much more available on all the major sports books, in addition to countless bracket challenges all over the internet. By understanding where you are putting your hard-earned cash, you can maximize your chances of finishing in the green at the end of the tournament. 

Types of Wagers:

Before you can start considering which teams you will choose to back, you must first understand the types of bets offered during March Madness.

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Moneylines:

Moneyline is a fancy way of saying who will win the game. Every March Madness game will finish with a winner and a loser, and a moneyline bet is on that fact alone. The odds available will vary heavily, but it doesn’t matter if it’s a 16 vs 1 seed in the first round, or a high stakes Final Four showdown at the end of the tournament, you can’t get any more straightforward than a moneyline bet. When two evenly matched teams face off, for example, #8 Louisville with -150 odds and #9 Creighton with +120 odds, the moneyline is a great choice. However, when it is a big mismatch, for example, #1 Houston with -10000 odds and #16 SIU Edwardsville +2500, the point spread is the way to go. 

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Point Spread:

The point spread is a staple of sports betting, and it allows you to get nearly double your bet on any team, regardless of their matchup. A point spread is leveling the playing field to allow both sides to have -110 odds. Every March Madness game will have a point spread whether it is a close matchup or a one-sided affair. 

If we take a look at the previous example, #8 Louisville has a -2.5 point spread over Creighton, with both sides having -110 odds. This means Louisville would need to win by 3 or more points (since you are taking away 2 and a half points from their final score) for your bet to be a winner. You get rewarded for this extra risk with -110 odds rather than the -150 odds on the moneyline. The point spread can be crucial in heavy mismatches. In our other example, SIU Edwardsville is a +2500 underdog against Houston and has a mammoth point spread of +28.5. This means SIU Edwardsville can win by any number, or lose by 28 or fewer points to cover the spread. You will only get a -110 payout rather than the +2500 odds on the moneyline, but you will greatly reduce your odds of walking away with nothing. 

Over/Unders:

Another popular method of betting on March Madness is on the total points scored. This number will usually range from 125 to 150 points, and it is the combined score from both teams in the game. This number will be set by the sportsbook and will be constantly adjusted as more bets are placed and injury news is released. It doesn’t matter if the score is 91-60 or 76-75, if you have over 150 points, you will be declared the winner. 

Futures:

This is the most exciting aspect of March Madness. Since the entire bracket is already set, the opportunities to place future bets are endless. But what is a future bet? You are probably familiar with betting on who will win the tournament, but you can also make bets on how far a certain team will go. The odds will vary based on how deep you pick a team to make it, but you can place bets on any team to reach the Sweet Sixteen, Elite Eight, Final Four, and so on.

For example, Houston has the following odds:

  • +700 odds to win March Madness
  • +350 odds to reach the Final
  • +120 odds to reach the Final Four
  • -130 odds to reach the Elite Eight
  • -275 odds to reach the Sweet Sixteen

The bolder you are, the higher the payout. Additionally, these wagers will still be active as teams get eliminated, so if a team looks good in the opening game or two, you still have the chance to place a futures bet. 

Bankroll Management:

One of the most important aspects of betting on March Madness is the ability to manage your bankroll. It can be quite overwhelming to see a dozen games in one day, with many played at the same time. By implementing a unit system, you can ensure you gamble responsibly. Doc’s Sports recommends using a 1 to 8-unit system. Each unit represents 1% of your bankroll and this will help prevent chasing losses and dramatically altering bet sizes. Most of your plays should be 4 units or fewer, as this will ensure you don’t blow through your gambling budget in the first week of the tournament. You can adjust your unit size if needed, but with a short sample size of just 63 games in March Madness, you should probably stick to the same unit size throughout. 

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