Lessons from pro bettors to win part of the $10 billion March Madness pie
The NCAA Men's Basketball Tournament, known as March Madness, is one of the most anticipated events in the sports calendar. In 2023, March Madness promises to be bigger and better than ever before.
Online sportsbooks offer a wide range of betting options for March Madness, from traditional bets like point spreads and money lines, to proposition bets on individual player performances and game outcomes.
While most casual bettors won’t use deep statistical analysis, there are some lessons anyone can learn from the pros.
Analyze first. Check out the teams in the tournament. Look at statistics, including strength of schedule, offensive and defensive efficiency, and the team's record against other tournament teams. Also pay close attention to recent form; which teams seem to have found their momentum – or lost it.
Check the odds. Start looking at the odds and identifying potential value bets – remember, oddsmakers set opening lines and move lines based on how they feel the public will bet – not on how they feel about any team’s odds to win, lose or cover a spread.
Sportsbooks such as BetUS make money via the small commission, or markup, on each bet, not by setting out to “beat” all their customers.
Placing your bets at the right time to get the best point spread or the best ‘price’ can increase your win rate substantially. Be patient and let the betting line move favorably for the bet you want to place. If it doesn’t happen, reconsider your bet.
Check out the underdogs. Upsets are common in March Madness, and the high level of variance in a single-elimination format means that even lower-seeded teams can pull off surprise victories. By betting on underdogs, you can take advantage of these upsets and potentially earn a significant payout.
Play defense. Another approach is to focus on teams with strong defenses. In a tournament format where every game is high-stakes, limiting opponents' scoring opportunities can be a major advantage.
Pay attention. As the field narrows and the stakes get higher, the dynamics of the tournament can change. By staying up to date, you can make informed decisions about which teams to bet on and when to adjust your wagers (or hedge your standing bets by using live wagering, which allows bettors to place wagers on games as they happen).
Look to the future. In addition to traditional point spread and moneyline bets, there are also futures bets that allow bettors to place wagers on which team will win the tournament outright. BetUS already has odds available for customers that can offer incredible value.
By following a systematic approach and focusing on underdogs and strong defenses, as well as team statistics, betting lines, and tournament dynamics, bettors on the NCAA men’s basketball tournament can maximize their profits and reduce their risks.