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March Madness Betting for Dummies and Novice Bettors

by Joey House - 3/18/2024

March Madness betting for dummies Zach Edey Purdue Boilermakers

Let the Madness begin!! The last 2 week's worth of conference tournaments were a great way to warm up for the main event, the NCAA Tournament. During that stretch, the great state of North Carolina entered into an ever-expanding community of states that have legalized gambling. With the pool of first-time sports bettors never ceasing to grow, Doc’s thought it was a good time to put out a basic primer for the novice sports bettor who wants to make their fortune in the Big Dance but might not know how to do so.

Doc’s Sports offers college basketball expert picks for every game on our NCAA basketball predictions page.

Know the type of wager you are placing

March Madness is a bit different than normal sporting events because of all the different office pools and bracket challenges, where you simply have to pick who you think will win the game. This is very different from the normal types of wagers placed by veteran sports bettors. Knowing what type of wager you are placing seems elementary but is absolutely necessary.

While there are literally hundreds of ways to wager on the tournament, for the less experienced bettor, here are the 3 types of wagers you will most commonly place.

Point-spread wager: This is the type of bet that you hear the experts talk about the majority of the time. For example, 4-seed Duke plays 13-seed Vermont. Duke is favored by 12 points at -105. That means if you place a wager on Duke, in order for you to win your bet, the Blue Devils must win by 13 or more points. If they win by 10, their fans may be happy, but you won't be, since they didn't "cover the spread" and you lost your wager. The -105 means that in order to win $100, you must risk $105. So, if Duke won by 30 points, and you wagered $105, when you cash your ticket you would receive $205, your original $105 wager plus your $100 winnings. That's betting the favorite to win and cover.

Let's look at another example, this time wagering on the underdog. Akron plays Creighton, and Vegas doesn't think much of the Zips, as they have favored Creighton by 12.5 points. The half a point, also known as "the hook", is just tacked onto a line so there is a guaranteed winner and loser. So, you think that Akron is underrated and place a wager of Akron +12.5 at -110. This means that as long as Akron doesn't lose by 13 or more points, you win your wager. The -110 means you have to put up $110 to win $100.

Totals (Over/Under) wager: The second type of bet that is very common is known as a totals bet, or an "over/under". This is a wager on the total score of the game being over or under the line that Vegas sets. Long Beach State plays Arizona, and the total is a high 161. If you think both teams are going to score a ton of points, you bet the over 161. If Arizona wins 92-78, you win your bet because the total score of 170 is over the line.

Moneyline: This is the easiest of the basic bets, because you're simply betting on who wins and who loses. There are no point spreads or certain scores to achieve, just bet on who you think will win. Kentucky is playing Oakland University. And because you love Ashley Judd, you decide to bet on the Wildcats to win. However, you see a -1050 in the money line box for Kentucky and a +675 by Oakland. This means you must invest $1,050 to win $100. The reason for such a large amount is because the point spread that UK is favored by is 13.5 points. Vegas is expecting Kentucky to dispatch Oakland rather easily. Now, if you have a hunch that the Wildcats are going to choke and think Oakland is going to pull off the upset, the +675 is the amount you would win if you bet $100 on Oakland to win outright. So, when you cash that ticket, you will receive $775, your bet of $100, and the winnings of $675. Let's go Grizzlies!!

Parlay: A parlay wager is combining two or more bets together to increase the payout. For example, you're backing the blue bloods of Duke -12 and Kentucky -13.5. Placing that wager at DraftKings, the payout odds are +276. If you put up $10 and it won, you would receive a payout of $37.60. Adding more wagers (commonly called "legs") to the parlay increases the payout. However, the difficulty in winning these wagers at a steady rate is very difficult.

Futures: This is a wager that is placed on a team to win a specific event. If you live in North Carolina and just know your Tar Heels are going to do Hubert Davis proud and win the championship, if you bet them right now the odds would be +1400. You can make futures wagers at virtually any point of the event, but the odds fluctuate as the tournament goes on. So, if you were a little gunshy at the beginning, but now love their chances when they reach the Sweet 16, you can still bet on them to win, but the odds would be much lower, probably about +350 or +400. Futures favor the bold and the early bird.

Prop Bets: These can be wagers on specific players and their performances, such as will Zach Edey score more or less than 25.5 points in his opening-round matchup against Grambling or Montana State. You can bet on a variety of different stats, like rebounds, assists, blocks, steals, etc. Another wager that is becoming rapidly popular is combination bets of different stats, like P/R/A which adds a player's points, rebounds, and assists together and you bet on if he will go over or under the line set by the oddsmakers. College prop bets are not allowed in all jurisdictions, so just check to make sure your state allows them.

Bankroll Management

This is a crucial, but often overlooked, part of being a successful gambler. If you're just looking to have some fun and bet with a few of your buddies, bankroll management is a huge concern. A great way to determine how much you want to gamble is to pick an amount and just imagine not having that money anymore. If that vision leaves you a little uneasy, then a smaller amount is warranted. Doc's uses their patented "Unit-Betting System", which is a tried-and-tested method used for over 50 years to make our clients very profitable.

Summary

In conclusion, "Betting on March Madness for Dummies" equips beginners with the essential knowledge and strategies needed to engage in the exhilarating world of NCAA basketball betting. By understanding different types of bets and implementing prudent wagering tactics, readers can confidently navigate the complexities of March Madness betting. As the tournament unfolds, armed with newfound expertise, readers can immerse themselves in the excitement of each game while making informed betting decisions. Whether it's rooting for their favorite teams or strategically placing bets for profit, this guide ensures that even novice sports enthusiasts can fully enjoy the thrill of March Madness betting.

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