Get Ready for the March Madness
As spring approaches and the chill of February is lost in the rear view mirror, basketball bettors are gearing up for March Madness.
During this three-week event, an estimated $80 – $90 million will be wagered in Las Vegas. Through other means such as online sportsbooks, it is estimated that another $2.5 – $7 billion will be wagered. This makes it the most wagered on sporting event in the United States.
Before you start placing your bets, here is a online betting guide for betting March Madness.
Use Multiple Sportsbooks
You only need to bet a couple of hoops games before you discover the difference of a whole point, or the hook (betting jargon for a ½-point).
Because pointspreads and odds vary from one sportsbook to another, it is best to have multiple sportsbook accounts.
Once you have mutliple sportsbooks accounts, you can create a betting market for yourself and find the best odds and pointspreads for your action. With so many games over the three week period, this strategy alone can save you a ton of heartache….and cash.
Be Aware of Heavy Line Movements
The first thing that you want to do before the start of the tournament and after each round is view the opening lines. Take notice of them and write them down. Now, before tip off and you place your bet, watch to see how the line moves and see if it jumps.
Typically, when a line jumps it is because of sharp money. Professional handicappers will wait for the right number and then unload. It is this action that forces the sportsbooks to jump the line and entice money to come in on the other side.
In the 2009 tournament, Villanova jumped to a 19-point favorite over Rober Morris after opening an hour earlier at 20.5. By tip-off, the line closed at 16.5.
The sharp bettors knew that the sportsbooks had this game wrong. The amount of money that they unloaded on Robert Morris force the sportsbooks to keep adjusting their line.
Stop and take notice If you see this kind of jump and line movement.
Compare Like Seeded Match-Ups
This strategy is especially useful in the first round of the tournament.
Oddsmakers usually set comparable lines for each of the same seeded match ups. There is always one or two outliers, and this is something you need to note. In three of the four match ups in the first round the #5 seeded team might be 8-10 point favorites while the fourth is only a 4.5 point favorite.
This smaller pointspread is telling you that the oddsmakers believe this could be a close game. This could be where an upset occurs and a spot for a nice moneyline play.
Don’t Forget the NIT
During March Madness, the NCAA Tournament isn’t the only tournament being played. While many will be betting the NCAA tournament, you can still find some excellent betting opportunities during the NIT.
You see, since most of the action that a sportsbook will take during March Madness will be on the NCAA Tournament, they have to focus on it more. This leave more favorable lines for NIT Match-ups.
Another aspect of the NIT that makes it favorable for betting is that the higher seeded teams play on their home court. As a basketball bettor, you already know how important home court advantage is.
During this year’s madness, take these tips in account before placing your bet – your bankroll will thank you.