March Madness odds 2023: Updated betting odds for every team to win the NCAA Tournament

Now that this year's NCAA Tournament field is officially set, we have odds for all 68 teams' chances of being the one school fortunate enough to cut down the nets in Houston on Apr. 3. While the field will soon be whittled down to 64 teams following the conclusion of the First Four matchups on Tuesday and Wednesday night, it's still cool to see schools like Southeast Missouri State (+100000) and Howard (+100000) grouped with blue bloods like Kansas (+800) and UCLA (+1200).

In a single-game elimination tournament, upsets are inevitable, giving ambitious bettors a chance to cash in on some juicy moneyline underdog sleepers, so long as they're able to uncover those capable of slaying the giant.

It can be wise to look into the recent form for schools relative to their seeding. A team entering the tournament red-hot that might not be one of the top seeds could continue its torrid stretch into March Madness.

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Although they were a No. 1 seed last year, the eventual National Champion Kansas Jayhawks entered the tournament winners of its past five games and 11 out of its final 14. Then there's last season's runner-up, North Carolina. The Tar Heels won 12 of their final 15 regular season games and parlayed that with five tournament wins to reach the National Championship. By no means is this a fool-proof strategy, but it could help you win a few extra bucks.

Sure, it'd be lovely to cash in on a +100000 future bet on Farleigh Dickinson to win the National Championship, but as the odds imply, chances are you're more likely to rip up that ticket than to mosey on over to the betting counter to collect your winnings. You're probably better off taking that team against the spread in their first-round matchup than betting on them to win the whole thing. The payout won't nearly be as hefty, but your chances of winning some cash are exponentially better.

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When it comes to extracting "value", aka finding a team whose odds don't necessarily reflect their abilities, you could still make a valuable bet on a team with shorter odds. San Diego State (+8000) actually enters the tournament field underpriced despite being pegged as a five seed. We'll see if the Aztecs go on a run, but their 80-1 odds are enticing.

What are the odds for the 2023 NCAA Tournament? Here's a look at the opening odds board on each school's chances of winning it all.

MORE: Print your 2023 March Madness bracket here

Updated March Madness odds 2023

All four No. 1 seeds enter March Madness as the teams to beat, with the second overall seed, Houston (+550), entering the tournament with the best odds to cut down the nets. After the Cougars, Kansas (+800), Alabama (+800), and Purdue (+1100) are three of the schools with the best odds of winning it all.

Houston was one win away from making their second consecutive Final Four last season, and after running through the American Conference, Kelvin Sampson's bunch is pegged as the team to bet per BetMGM.

Kansas looks to be the first repeat National Champions since the Florida Gators did it back in the late 2000s, as Bill Self's bunch is capable of making another deep tournament run.

Alabama makes a case to be priced as the team to beat and is slightly undervalued at +800. Alabama took down Houston on the road in early December and might have the highest ceiling of any school.

EXPERT PICKS: DeCourcy (Alabama) | Bender (Kansas) | Fagan (Marquette) | Pohnl (Kansas)

Purdue enters the tournament as a No. 1 seed for the first time since 1996. The Boilermakers parlayed their Big Ten regular-season title with a Big Ten Tournament championship and are looking to return to the Final Four for the first time since 1980.

While those four schools are the favorites, plenty of intriguing sleepers are capable of taking down the top seeds en route to a deep tournament run. Arkansas (+5000) and Texas A&M (+5000) carry a 50-1 price tag and can compete with any team on a neutral court. For those looking for a couple of long shots, it wouldn't be surprising to see Furman (+50000) and UC Santa Barbara (+100000) knock off their first-round opponents, giving them a chance to see their odds decrease as the tournament progresses.  

Below are the initial odds for every team to win the NCAA Tournament, per BetMGM. These odds will change ahead of the First Four and Round 1 of the Tournament.