So, you've decided to enter the wide world of college basketball betting. Welcome! But before you jump in headfirst, you need to understand the basics, like a fresh new hooper getting to know the fundamentals of the sport.
The landscape of college basketball in general can be overwhelming, never mind to new bettors. On a week-to-week basis, there are hundreds of teams to choose from and thousands of bets to make on NCAA men's and women's hoops, and just getting to know the cream of the crop can be a tall order.
Have no fear, though, because here's a complete guide to betting on college basketball in a thorough yet thoughtful manner.
College Basketball betting, explained: A complete guide to wagering on NCAA hoops in 2024
Just like in any major professional sport or league, the most popular ways to bet on college basketball are the traditional three:
- the moneyline
- the point spread
- the over/under total
These are oddsmakers' projections for how a game will turn out, including winner/loser, final score, and total combined points. Let's go into a little more detail before we proceed.
What is a college basketball moneyline?
College basketball moneylines are simple: it's a number — either positive or negative — assigned to each team in a set matchup. That number represents each team's odds to win. When bettors pick the straight-up winner of the game and put money on it, they're betting the moneyline.
The negative number (usually -105 or greater) typically represents the odds for the favorite, also known as the team that the sportsbooks expect to win. The positive number (typically +100 or greater) represents the odds for the underdog, or the team less likely to win the game.
You will always win less of a payout on a winning bet with negative odds and more of a payout on a winning bet with positive odds.
The purpose of moneyline odds is so oddsmakers can set and tweak odds for games based on each team's implied win probability. No sportsbook would ever give you 2-to-1 odds on an outright winner if that team was widely known to be the superior of the two in a matchup.
We often see lopsided or uneven matchups in college hoops, even in the March Madness Tournament. The moneyline odds allow bettors to pick straight winners and also enable sportsbooks to limit their liabilities attached to the overwhelming favorites.
MORE: March Madness betting, explained: How to bet on the NCAA Tournament in 2024
How do you read a college basketball moneyline?
Reading moneylines is simple. Favorites have negative (-) odds, with the number indicating how much you would need to risk to make your potential profit $100. Underdogs have plus (+) odds, with the number indicating what you would win on a $100 bet.
Let's say you have some interest in betting North Carolina over Duke. If North Carolina is listed as a -350 favorite, that means you would need to risk $350 to net a profit of $100 if the Tar Heels win.
If you think the Blue Devils will pull off a miraculous upset, you could bet $100 on them at +350 and walk away with a $350 profit if Duke indeed pulls off the W.
What is a college basketball spread bet?
Another way for oddsmakers to set odds for a college basketball event is through the spread. This is the process by which oddsmakers analyze both teams in a matchup, consider their strengths, weaknesses, and other factors and assign a point spread that predicts how much the favorite will win by.
Betting the spread swaps out the moneyline odds for points. The favorite has points taken away from it, and the underdog receives those points.
If a team is projected to win, that favorite must win by the set amount — the spread — to cover. Similarly, teams projected to lose can only cover if that underdog either (a) wins or (b) loses by fewer points than the set spread.
Let's go back to the hypothetical UNC-Duke game. UNC was listed as a -350 favorite, which roughly translates to a -8 favorite against the spread. That means you would have to bet on either UNC to win by more than eight or Duke to lose by less than eight.
If the Tar Heels win by exactly eight, it's a push and your initial wager would be refunded (for that reason, sportsbooks typically add a half-point to every spread amount, since teams can't win or lose by a half-point).
Point spreads always have a second set of odds alongside them, which indicate the cost of placing the bet (also known as the "vig" or the "juice"). Most point spreads have a vig of -110 — to win $100, you would need to risk $110. Vigs can be adjusted depending on betting action and can vary from book to book.
What is a college basketball over/under or total?
People love betting the over/under, also known as the total, and the majority of casual bettors almost always prefer to bet the OVER. Betting the total is simple: the sportsbook lists a projected points total for a game, and you either bet on the two teams to finish with a combined score OVER or UNDER that total.
This couldn't be more simple. If the total combined score winds up higher than the projected total, then the OVER wins. If the final score total is lower than the projected total, then the UNDER wins.
What is college basketball parlay betting?
Parlays are wildly popular. In short, parlays allow bettors to combine multiple bets (legs) in one big bet for a larger potential payout. The odds of winning are longer because all bets in the parlay must win for the entire parlay to cash out even a penny. Thus, the potential reward is greater.
Bettors only need to combine two legs to make a parlay, but the most popular parlays tend to be in the range of 3-5 legs. The more wagers bettors add to parlays, the bigger the potential payout and the bigger the risk.
Sportsbooks typically allow bettors to add between two and 12 games in a basketball parlay. Some books will also allow you to incorporate player or game props, also known as over/under stat props.
How do you calculate a parlay payout?
Now that you know the definition of a parlay and how you can bet one, let's quickly break down how to calculate a parlay bet value.
Once you figure out the odds for each matchup, bet, or prop, just divide what the total payout would be by the bet amount.
Let’s imagine a $100 parlay bet on these teams:
- Duke (-150)
- UNC (+170)
- Memphis (-120)
Duke: -150 to win 100 with a payout of $250 250/150 = 1.6666
UNC: -100 to win 170, with a payout of $270 270/100 = 2.7
Memphis: -120 to win 100, with a payout of $220 220/120 = 1.8333E
Each of those three numbers we calculated is your multiplier. Now, just multiply those numbers to get your parlay odds. 1.6666 x 2.7 x 1.8333 = 8.2495
That final number is 8.25, meaning your winnings would work out to be 7.25 for every dollar you bet on that particular parlay. Translation: your $100 bet just turned into a $725 win.
If you hate math or just don't want to go through the bother of calculating your parlay odds manually each time, have no fear. Most sportsbooks do the legwork for you, and you can also find a ton of independent parlay calculators all over the Internet.
What is a "teaser" parlay?
A teaser bet is a much safer form of parlay betting. It's almost like buying insurance on each of the legs you include in your parlay.
In a teaser, you can greatly improve your odds of winning by moving the point spread or total for each one of your parlay legs one way or the other by six or seven points.
Of course, that means your potential payout will be drastically reduced, a fair price to pay for bumping your chances of winning way up.
Here's an example, once again using Duke and UNC. The Blue Devils are -3.5 favorites and the Tar Heels are +4.5 underdogs.
If you decided to assemble a six-point teaser using both teams' spreads, your parlay would consist of Duke +3.5 and UNC +10.5. That means you no longer need the Blue Devils to win by more than three — you can now win even if they (a) win or (b) lose by less than four! And the Tar Heels, who were getting four points, now get a 10.5-point handicap. They will "cover" as long as they (a) win or (b) lose by less than 11!
It's probably a good idea to first master the art of the parlay before you dabble in teasers, but it's important to know all the options available to you in the world of sports betting.
What is college basketball player prop betting?
Player prop betting has become wildly popular, much like fantasy sports has risen to such popularity since the turn of the 21st century. Props allow you to bet on a player going OVER or UNDER a set statistical amount.
If Tennessee's Dalton Knecht has a set point total of 20.5, you can bet on whether you think he will go OVER 20 points or UNDER 20 points. The side that is slightly favored might have a little more juice (or "vig") so the sportsbook can cut into your potential profit and get a larger cut of your payout if you win. The side that's less likely (or generating less action or betting interest) will see slightly longer odds and a better potential payout.
You can bet over/under player props on all sorts of statistics. You can also bet yes/no props for various hypothetical situations, like "Will Kyle Filipowski record a double-double for Duke?" or "Will Tyler Kolek lead Marquette in assists?"
What is college basketball futures betting?
Another fun method of betting on the NCAA Tournament is the futures market, which allows you to bet on whether or not something will happen in the future. You can bet on a team to win the national championship, win their division to make the Final Four, or make it to the Sweet 16.
You can also bet on players to win NCAA Tournament Most Outstanding Player. As these are far less likely to predict way ahead of time, these futures bets often yield longer odds and therefore carry much higher potential payouts.
Now that you know the basics of March Madness betting, get out there and go build your bankroll! Just be sure to read Sporting News' betting content on the regular so you have a leg up on the sportsbooks as we draw closer to Selection Sunday and the mad dash to the national title game.
March Madness perennially serves as one of the United States' most thrilling stretches in the sports calendar year. Over a frenzied period of three weeks, hoops fans and bettors alike enjoy a rollercoaster of 67 single-elimination games, whittling down a field of 68 college basketball teams to one NCAA national champion.
If you purchase a product or register for an account through one of the links on our site, we may receive compensation. Learn more >
