March Madness (officially known as the NCAA Division I men’s basketball tournament) represents the peak of collegiate basketball excitement. Since 1939, the Big Dance has been celebrated for its electrifying buzzer beaters and unexpected upsets, making it a prime focus for high-stakes bettors.
In this guide, you’ll learn everything about March Madness 2024, from the tournament’s format to common betting markets. Will the UConn Huskies clinch a repeat title, or will a new champion emerge? Consider this your courtside seat to all the college basketball action before tip-off on March 19.
What Is March Madness?
March Madness is an annual multi-round knockout format collegiate basketball tournament. It features 68 teams, including 32 conference champions and 36 at-large bids, determined by a special selection committee. These teams are seeded into four regions and they compete in seven rounds over three weeks.
The basketball tournament begins with eight teams competing in the First Four play-in stage, with the top four teams joining 60 other contenders in the successive rounds: First Round, Second Round, Sweet Sixteen, Elite Eight, and Final Four.
March Madness culminates with the National Championship game on April 8, 2024, at the State Farm Stadium in Glendale, Arizona, to determine the NCAA Division I men’s basketball tournament champion for the 2023-24 season.
Here’s a breakdown of the 85th annual NCAA March Madness tournament structure:
| Week | March Madness | Dates | Teams Remaining |
| 1 | First Four (Play-In) | March 19-20 | 68 (eight teams compete) |
| 1 | First Round | March 21-22 | 64 |
| 1 | Second Round | March 23-24 | 32 |
| 2 | Sweet Sixteen (Regional Semifinal) | March 28-29 | 16 |
| 2 | Elite Eight (Regional Final) | March 30-31 | 8 |
| 3 | Final Four (National Semifinal) | April 6 | 4 |
| 3 | NCAA National Championship | April 8 | 2 |
You can catch tournament games on CBS, TBS, TNT, and truTV via cable and Paramount+.
What Sets March Madness Apart From NBA Betting?
While the NBA is obviously a big deal in the world of pro sports, the amateur action of March Madness is a bettor’s paradise. Why? The unpredictability of it all! The tournament features tons of lesser-known schools (commonly known as “Cinderella teams”) poised to defy odds and expectations. This makes the games more varied, offering punters an opportunity to capitalize on potentially huge gains.
March Madness also contrasts the NBA’s best-of-seven playoff series matchups, which tend to favor the stronger or higher-seeded team. Instead, the NCAA’s single-elimination bracket means that a top team could be knocked out in any round. This adds a layer of excitement because it’s really anyone’s game.
Similarly, pre-qualifying tournaments, like the Atlantic Coast Conference tournament, may also give teams greater momentum and confidence. The event is also more likely to draw out clutch performances by players seeking recognition from NBA scouts.
Popular March Madness Betting Markets
Now that you have a solid understanding of March Madness, let’s go over a few popular betting markets for the tournament.
Moneyline Bets
Do you think you can predict which team will cut down the nets? You may want to try your hand at moneyline betting. This line is purely focused on the final tournament outcome or outright winner of March Madness. It’s also the most direct type of bet, making it ideal for people new to online gambling.
The only catch is that sportsbooks tend to adjust odds to reflect each team’s chance of winning, which may result in very high or low odds for strong favorites or major underdogs. This means there is a greater potential for large payouts if the underdogs win unexpectedly.
Point Spread Bets
Point spread bets center on the margin of victory, adding a layer of strategy beyond merely predicting the outright winner. The team favored to win will nearly always have a negative sign (e.g., -2.5), indicating that they must win by more than the spread (or “handicap”).
Conversely, the underdog will typically have a positive sign (e.g., +2.5), reflecting a hypothetical advantage, meaning they must lose by less than the spread or win outright. The half-point prevents a tie (or “push”) from occurring.
Totals Betting
In the totals (or “under/over”) betting market, the bookmaker sets a predicted total score for a game—this could encompass the score for one or both teams during the entirety or in a portion of a match. Bettors then predict whether the score will be over or under this projection. It allows you to wager on the match’s pace rather than the final winner.
Prop Bets
March Madness props offer a creative betting experience, focusing on specific events or individual player achievements independent of the match outcome. These can range from predicting stats like points, rebounds, and assists, to unique occurrences like who will score the first basket.
Remember, these are only a handful of March Madness betting options. For a full selection of lines, check out the Thunderpick basketball betting page—or explore the diverse menu of exciting casino games, sports, and esports titles.
March Madness Betting FAQs
Need help navigating the Big Dance? Have a look at these frequently asked questions (FAQ) about March Madness to find the answer you’ve been looking for.
Why Is It Called March Madness?
Great question! The term “March Madness” was originally coined by Illinois high school official Henry V. Porter. It was later popularized in the context of NCAA basketball by CBS sports commentator Brent Musburger, who recalled it from a car dealership ad published in the Chicago American.
Where Can I Bet On March Madness?
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Which Team Is Most Likely To Win March Madness?
The odds favor the UConn Huskies to win the National Championship this year, tailed closely by the University of Houston and Purdue. UConn leads the Big East and are strong contenders to secure a repeat win, despite losing star players Jordan Hawkins, Adama Sanogo, and Andre Jackson Jr. to the NBA last year.
Are There Live Betting Options For March Madness?
Absolutely! You can place pre-match and live in-play bets during March Madness at Thunderpick, from tip-off right up to the final whistle. Explore a huge array of basketball betting markets, like moneyline, point spread, totals, and props, or try parlaying your bets for a better payout!
How Do Odds Work In NCAA Basketball Betting?
March Madness will use the American odds format. It’s quite simple to understand: positive odds (e.g., +100) reflect your potential payout if you were to bet $100, while negative odds (e.g., -100) indicate the stake required to win $100.
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