March Madness 2024 is almost upon us, and that means getting those picks and parlays prepped and ready to go for the legendary annual event. Here we’ll break down the odds, betting options, and where you can go for March Madness betting both in the build-up to the tournament and during the tournament itself.

March Madness Betting Odds Explained

The South Carolina Gamecocks women’s team has negative odds to win the tournament. The Gamecocks are currently (-125), which makes them the strong favorite to win the championship. Every other team in both the men’s and women’s tournaments has positive odds. The higher the number (when it’s positive), the bigger the underdog that team is.

For example, on the men’s side, the tournament favorite is the UConn Huskies at (+450), closely followed by Houston at (+600). That goes all the way down to the lowest seeds and fringe teams, currently boasting odds of (+100,000) for teams such as Vermont and Yale.

March Madness Betting Types

Moneyline

Negative Moneyline Odds or (-): A minus sign next to a number indicates that a given team’s NCAA basketball odds have them pinned as the favorite. The number represents how much you would need to bet to win a $100 profit. For example, if the Arizona Wildcats have odds of -150, it means you would need to bet $150 to win a $100 profit if they win.

Positive Moneyline Odds (+): If you are betting on the NCAA Tournament and you see a plus sign next to a number, it indicates that the given team is considered as an underdog. The number after the plus sign represents the potential profit you would make from a $100 wager. For example, if the Colorado Buffaloes have odds of +200, it means you would win $200 profit for every $100 wagered if Colorado wins.

Point Spread

In spread betting, a point spread is assigned to each game. The point spread represents the difference in points by which the favored team is expected to win. For example, if the UCLA Bruins are favored by seven points over the South Carolina Gamecocks, the point spread would be -7 for the Bruins and +7 for the Gamecocks.

When you bet on the spread, you are not picking the game’s winner. Instead, you are betting on whether the favored team will win by more points than the spread (i.e. cover the spread) or whether the underdog will either win outright or lose by fewer points than the spread (i.e. beat the spread).

Over/Under - Total Points

Over/under betting, also known as totals betting, is a popular form of sports betting where bettors wager on the combined total score of both teams in a game.

As the bettor, you have the option to bet on whether the actual total score will be over or under the total set by the sportsbook. For example, if the points total between the Arizona Wildcats and Rutgers Scarlet Knights is set at 230.5, you are betting on both teams to combine for more (231 points or higher) or less (230 points or lower) than that over/under total.

Props

If you're interested in March Madness prop bets, you can wager on individual events such as which team will make the final free throw or score the last point of a game. Prop betting odds come in various forms, offering a wide range of options for the types of props bettors can wager on.

March Madness Parlays

A March Madness parlay bet is a type of bet that combines multiple individual bets into a single wager. Parlay bets are popular for March Madness betting, allowing bettors to build parlays with greater returns if they win.

For example, you could create a parlay bet by selecting the Arizona Wildcats, UCLA Bruins, and the Colorado State Rams all to win first-round games. While the odds for each team individually might be lower, combining them into a three-way parlay offers a significantly higher return if all three teams win.

March Madness Same-Game Parlay

A same-game parlay follows similar rules, only the individual bets creating the parlay all come from within the same game. If you were building a same-game parlay for the Arizona Wildcats, you could bet on Caleb Love’s points total, Oumar Ballo’s rebounding total, and the Wildcats to win the game. It works exactly the same way as a three-piece parlay, but it's confined to the betting markets offered within a single game.

March Madness Live Betting

Live betting involves monitoring the game's progress and placing bets while the event is taking place. For instance, suppose you're watching the Colorado Buffaloes during March Madness and notice that they are trailing by seven points in the second half, making them the underdog according to betting trends.

If you anticipate a comeback victory, you might wager on Colorado to win the game with favorable odds at (+240). This implies that a $100 bet could yield a $240 profit if the Buffaloes complete the comeback.

March Madness Futures Betting

A futures bet, also known as an outright bet, is a type of wager placed on an event that will be determined at a future date. Unlike traditional bets placed on individual games or matches, futures bets are typically made on outcomes that will be resolved over a longer period of time.

One of the most popular futures bets at March Madness 2024 is betting on Caitlin Clark and the Iowa Hawkeyes to win the women’s tournament. Clark will go down in history as one of the greatest college basketball players of all time, and nothing would cap off her career more perfectly than winning the NCAA Tournament.

Iowa’s March Madness odds have ranged between (+500) and +(700), and they are currently set at (+550). Placing a $100 bet would return $550 in profit should Iowa win. The Hawkeyes possess some of the strongest odds to win March Madness in 2024.

March Madness Betting Strategy and Tips

Before you get started with your March Madness betting, it’s important to do your research and consider strategy. Some of the things to look out for include:

• Understanding the bracket and the tournament favorites before betting on or against tournament teams.
• Doing your research to make sure you’re happy with the bet you’re placing, making sure to consider the March Madness point spreads in the process.
• Researching the college basketball odds to find the best value matchups.
• Betting different markets while looking for value in options such as the moneyline, spread, or prop bets.
• Setting yourself a budget. March Madness bets are a lot of fun, but gambling responsibly is always important. Set a budget and bet within your means.

Where can I bet on March Madness?

NCAA tournament betting lines and college basketball odds are available on various platforms. These include the following:

FanDuel Sportsbook

Once the March Madness bracket is released, FanDuel Sportsbook will release March Madness lines and point spreads for each game. The platform is one of the best available for all your college basketball betting needs, with some of the most extensive betting options both for regular-season college basketball and March Madness.

DraftKings Sportsbook

DraftKings is another of the best platforms to bet on the 2024 NCAA Tournament, offering different styles of games and betting options. On DraftKings, you can take part in daily tournaments with fantasy-style lineups, as well as finding some of the more traditional betting odds.

Betway Sportsbook

If you’re looking for traditional March Madness over/under, spread, or moneyline betting -- plus extensive player props and lines -- sign up for the Betway Sportsbook today. You’ll find all NCAAB odds and lines for each game once the tournament bracket has been released, as well as futures-market betting on your favorites to win the overall tournament.

Bet on NCAA odds

Find season-long college basketball odds on Betway. You'll find all the latest spreads, totals, money lines, and parlays. Missed tip-off? No problem, Betway also offers live betting. All your NCAAB betting needs are covered in our online sportsbook.

Visit Betway’s CBB picks page for picks and predictions throughout the season.