How To Bet On March Madness 2020 Online
Have you ever wondered how to bet on March Madness online? With Selection Sunday just a few weeks away and conference tournaments on the horizon this is the perfect time to learn before the Big Dance kicks off. NCAA Basketball betting truly heats up with the NCAA Tournament and March Madness. College’s basketball preeminent tournament generates more betting action altogether than the Super Bowl.
Want to get in on the action? Check our quick guide to betting on the tournament at March Madness betting websites and other betting options. Learn the basics and my recommended bets during the tournament.
March Madness Betting Basics
The NCAA Tournament crowns a Division 1 National Champion and is college basketball’s postseason. 68 teams compete in the tournament each year. It is single elimination tourney over the course of several weeks, which is ultimately whittled down to two teams that play for the National Title.
The NIT Tournament is not to be confused with the NCAA Tournament and March Madness. The NIT uses a similar format but is far less prestigious than the NCAA Tournament. The NIT is still widely bet, but not nearly to the level of March Madness. Which isn’t to say that NIT isn’t worth betting on, but that March Madness has a much larger betting handle. To learn more visit our March Madness Online Betting Guide.
How Does March Madness Betting Work?
College basketball betting rules don’t change when betting March Madness. The same betting markets are available and then some for the Big Dance. Betting on the NCAA tournament online is as simple as signing up for a sportsbook and funding your account. Sports betting is a perfect compliment to filling out a March Madness bracket. The March Madness bracket is the distribution of who faces who at each stage of the tournament. It has 6 stages starting with 64 teams on Round 1 which will be decided on Selection Sunday, and it ends up with the Final Four (the 5th stage), which follows the National Championship (to be played on April 8th).
How Much Money is Bet During March Madness?
It’s impossible to know the exact amount bet, due to offshore betting markets and local bookies not reporting their handle amounts, but it’s easily over 1 billion dollars and likely several billion. In 2017, Nevada sportsbooks broke records with a betting handle of $315 million. However, there was upwards of $10 billion bet on the tournament through unregulated channels.
Nevada’s sports betting handle is a paltry amount compared to the entire betting market in the United States, which consists of offshore sportsbooks that take far more action and locals from around the country. March Madness is easily the most significant wagering event of the year behind the Super Bowl. We’ve seen this with several metrics and within the sportsbooks themselves.
Which States Bet the Most During March Madness?
As mentioned above, due to betting markets being unregulated in most of the country, it’s impossible to tell. Betting March Madness in Las Vegas is as simple as being 21 and walking up to a sportsbook counter or kiosk or using a local sportsbook app. No matter where you are in the U.S. – there is an option for betting on March Madness. Remember, there is no federal law against placing sports bets online. If you live in a state without a place to bet we have ranked the best March Madness betting sites to use for online betting.
What Are the Best March Madness Betting Sites?
The best way to wager on March Madness is with the highest rated betting sites which currently are MyBookie and GTBets. Both offer substantial deposit bonuses. At MyBookie, bettors will receive a 50% Bonus on their first deposit up to $1,000. GTBets has the same bonus at 100% up to $500.
They also typically top our monthly U.S. Offshore Online Sportsbook Payout Report regarding payout speeds.
What Bets Should I Place During March Madness?
All traditional basketball betting markets are offered, likes sides, totals, and money lines, plus more. Due to the increased interest in the tournament, sportsbooks typically have more markets available, with higher betting limits than usual. This is due to the amount of attention the event brings over the whole tournament.
College basketball betting limits can be just a few thousand dollars on sides and even less on totals throughout the regular season, but with more public betting money being wagered on the tournament, these wagering limits are raised. Which goes to show the big difference in betting limits versus the Super Bowl for example.
Most betting sites don’t typically offer player props for college basketball, but many will have these markets available for the NCAA Tournament. College basketball live betting is a mainstay at online sportsbooks these days and one of the most popular betting markets for March Madness.