The NCAA basketball tournament, affectionately nicknamed “March Madness,” is a massive sporting event, not just for sports fans in general, but for bettors in particular. After a thrilling tournament in 2022, fans and bettors already have their sights set on the 2023 tournament. Numerous sportsbooks have futures odds available, and bettors can place their bets on who they think will go all the way.
March Madness Odds
After winning the 2022 national title, the Kansas Jayhawks are one of the top teams going into the 2023 season. Oddsmakers at DraftKings list the Jayhawks at +1200 to win next year’s tournament, which is the fourth-best odds of any team. The teams ahead of Kansas are Duke (+900), North Carolina (+1100), and Kentucky (+1200).
Other teams near the top of the March Madness futures list include Arkansas (+1400), UCLA (+1600), Houston (+1600), Villanova (+1800), Gonzaga (+1800), and Arizona (+1800).
Where Can I Bet On March Madness Online?
There are a number of online sportsbook options from which Maryland bettors can choose ahead of the NCAA Tournament. There is a risk to betting futures – as there is with any gambling endeavor – but those who do their work early have the chance to take advantage of odds that will shrink as the season progresses and as sleeper teams hit their stride throughout the winter.
While the odds at various books will generally be similar, different books will offer different prices for different teams. This is why it’s frequently suggested and recommended that bettors take the time to peruse the options available to them. A bettor committed to placing a wager on Duke to win it all in 2023 would prefer to place his or her wager through FanDuel (+1300) as opposed to DraftKings, where the Blue Devils’ +900 odds are slightly less appealing.
Once mobile betting is approved in the state, Maryland residents looking to get in on the March Madness action will have access to a number of sportsbooks including the following:
- Caesars Sportsbook
- FOX Bet
- Barstool Sportsbook
- TwinSpires Sportsbook
How To Bet On March Madness Online In Maryland
Mobile sports betting is expected to launch in Maryland later this year. Once rolled out, Maryland bettors will be able to place bets online from anywhere in-state and have a number of sportsbooks through which they can place a wager. Whether it’s the preferred odds or the most attractive welcome bonus or promotion, bettors have to start by selecting their book of choice, registering an account, making their first deposit, and proceeding to make their bet.
Bettors are required to provide personal information to complete registration, and this step is necessary before any bets can be placed. This may include age, address, and social security number to verify identity. This may seem pervasive, but it’s in the best interest of the sportsbooks and the users.
Deposit options vary across sportsbooks, but most allow deposits via bank transfers, credit and debit cards, Play+ cards, VIP Preferred e-checks and PayPal.
Withdrawal requests may not be as quick as deposits, but bettors will select their method of choice and the amount they’d like to withdraw. It may take three to five business days before the money becomes available.
How March Madness Betting Odds Are Calculated
Betting odds on March Madness are fluid and continually adjusted based on a number of factors that arise over the course of the season. Oddsmakers collect, interpret, and analyze a plethora of data in order to arrive at the price they set on teams to win games and championships.
Futures bets involve the odds of a team winning a championship or title game. However, oddsmakers will set the prices for the individual matchups during the tournament. And it’s the access to a large batch of betting opportunities that draws sports fans and gamblers alike.
On a game-to-game basis, a minor event — injury, suspension, etc. — can encourage a substantial shift in odds. However, when long-term accomplishments are concerned, it could take more to significantly adjust a team’s odds. Developments such as multiple significant injuries or long stretches of poor play could be required to turn a team from a betting favorite into a low-priced sleeper.
The most popular odds in the US are referred to as “money line” odds in which the number is accompanied by a minus (-) sign to indicate the favorite or a plus (+) sign to indicate the underdog.
For instance, in a game in which the Maryland Terrapins are favored to win, their moneyline odds may be -120. In this case, a bettor will be required to put up $120 for the chance to net $100 in the event of a Terrapins victory.
If Maryland is the underdog in a particular matchup, their odds may be +120. In this scenario, a bettor would put up $100 for the opportunity to net $120 for a Terps victory.
What Kinds Of Bets Can Be Placed On March Madness
Money line wagers may be the most popular, but college basketball fans can gamble on a number of different types of bets.
Totals (Aka “Over/Under”)
A bettor can wager on the total score of a game finishing over or under the set total. For example, consider a game in which the over/under for a game between Maryland and Nebraska is 142 on DraftKings. If you bet on the over, you would need both teams to combine for at least 143 points for your bet to win. Conversely, a bet on the under would need the two teams to combine for no more than 141 points for the bet to win.
A point spread bet takes a money line wager a step further. It requires a team to “cover” a set line. For example, consider a game in which Maryland is favored by four points over Nebraska. If you bet on Maryland (-4), you would need them to win the game by a margin greater than four points in order for your bet to be victorious. In reality, that means they need to win by five in order to cover the four-point spread. Conversely, Nebraska would be the underdog at +4, meaning they’ll need to lose by no more than 4 points in order to cover the spread.
In a parlay, a bettor will choose multiple bets for one ticket and each will need to hit in order for the parlay to pay off. The potential winnings from a parlay are greater because the risk increases as more bets are added to the ticket.
What Is A March Madness Futures Bet?
Different from an individual game, a futures bet commonly focuses on the odds of a team winning a championship. For example, at the beginning of the 2022 season, the Maryland Terrapins’ March Madness odds were +4000 at FanDuel and +4500 at DraftKings. Futures odds are set following the conclusion of the previous season. These odds will fluctuate throughout the offseason and season based on a number of factors such as serious injuries to key players and long stretches of poor play, among others.
Strategies For Betting March Madness In Maryland
There are a number of strategies to consider when betting in general and betting on March Madness in particular. However, there is far too much to consider to provide a comprehensive “strategy guide” that takes into account all of the nuances of being successful at gambling.
Perhaps the most important strategy above anything else is to not bet more than you’re willing to lose. The elation of winning is often only matched by the rush of chasing the next one. It can be easy to fall into a hole and to feel as though one big win is the answer.
Even those who are considered successful bettors struggle through rough stretches — weeks, months, or even seasons. It’s not a venture that should be pursued with expectations of sustained cash flow.
Betting Odds On March Madness FAQS
Yes, betting on March Madness is legal in Maryland. However, bettors should read the fine print before expecting to place a wager on in-state college programs. It’s not uncommon for states to allow betting on college contests, but restrict betting on programs within the state.
Bettors must be 21 years of age to legally wager in the state of Maryland.
With mobile sportsbook apps and websites open in Maryland, bettors can place wagers from anywhere within the state through their phones or desktops. Bettors can also visit one of the retail sportsbooks in the state to place in-person bets.
Yes. Sportsbooks are some of the most secure and heavily regulated commercial products in the US. Their digital infrastructure is tested by the state’s gaming commission before launch, so bettors only have safe products to use. Sportsbooks also want to continue launching in new states, so they’re incentivized to prioritize data security.
Yes. Live betting is a popular feature included in many sportsbooks. Live betting is often put front and center on a sportsbook’s home page.
The Duke Blue Devils are currently favored to win the 2023 NCAA Men’s basketball tournament on DraftKings (+900).